The ferrule piece looks like steel in the pic. If that's the case go for it. If it is fiberglass yes you can sand it, but go slow and do not get the rod hot. Do more fitting than sanding and keep in mind the female piece of the ferrule is tapered so the male piece should be tapered too. If the piece is fiberglass do not use acetone to clean it afterwards. You may just want to take it to someone who does repairs, it sounds like that rod has a lot of history behind it.