Thanks fellas,
I can honestly say it turned out a lot better than I had expected.
Before starting out I looked around on the web for some hints. There are some really good tips including video tutorials on the mudhole website
http://shop.mudhole.com/Rod-Building-101 .
I set my new home-made rod rotisserie up on the coffee table in front of the tv so I could sit and be comfortable while working. One thing I gleaned was it's very important not to rush it.
To tension the thread, I loaded it onto an old Jigmaster I don't use anymore (but has a great drag) and held it between my knees while slowly turning the blank by hand in the rotisserie (not connected to the motor).
This took a while, but made it easy to avoid gaps in the bindings and maintain a constant tension.
Once wrapped I attached the rod to the drying motor and applied two coats of finish at 24hr intervals. Here was my only hiccup, as I didn't heat both parts of the first coat and ended up with a few tiny bubbles that I couldn't get rid of. The drying rotisserie worked very well though, giving a great even finish.
Total build time was about four days, including time spent drying.
All up it was quite a hassle free experience, and I can see how guys get hooked on rodbuilding. I'm already looking at my rack, trying to decide what to replace next!
