Building rods is fun and addicting. When you look at what it takes to do 1 rod, it doesn’t really seem worth it. The beauty is being able to make exactly what YOU want. Sanding is surprisingly not that tough. A hand drill will work fine for a lathe, and a handful of sandpaper from coarse to 600 or 1000 wet/dry is all you need. Go slow at first. After a few you’ll use the coarse stuff to get you closer, faster.
Being willing to sand a blank lets you make something that isn’t available on the commercial market. Lets you fine tune a rod into a particular bait or presentation if you want to get that specific.
Finally, the savings starts to show up significantly after building 3,4,5… rods when comparing it to 90-100 dollar customs.
So, some thoughts on your initial question. I can’t speak much to the blank as I have not used the MHX blanks. You could sand the paint off the tip, but you might need to sand the finish off the whole blank to make it look right if the rest of the blank was painted or clear coated (really not as hard as it sounds, just takes time and care). If you want to add a clear coat over the entire rod, look into something like CPxtra rod finish. I add pigment powder to it to color noodle rods, but the clear finish goes on easily and very thin.
Good call on the color fast thread. No need for color preserver. I would also recommend Pac Bay fly guides. I’m sure they have benefits, but I just don’t see the real need for REC guides on an ice rod. Regular fly guides have been working well and quite ice free on the rods I’ve used them on.
For the cork – you might want to look into the tube that Mudhole sells to epoxy the rod blank to. I think Mudhole only sells cork with a 1/4″ bore, and that might be a bit big for an ice rod blank – might take a lot of epoxy to fill the void depending on rod butt diameter. I bought my cork from Janns as they have cork with 1/8″ bore and then ream it out with a rat tail file.
You probably want winding checks too. The best ones I have found so far that are small are from Sportsmans Direct. I bought the smallest one Janns had and it’s slightly oversize for an ice rod. Sportsmans direct also has some nice blanks for good prices that sand down very well, and are either gloss black or matte grey depending on what blank you get.
Good luck in your decision to get into the addicition or just buy a rod (and have more time to fish!)