Well, check the eyes, make sure the guides are still secure and the windings are't rotten. If they are fraying, or the eyelets are cracked, replace them. Take each piece and carefully bend it it every direction, looking for cracks in the rod coating. If it is cracked, I'd probably put the thing on the wall, because bamboo that old will break. Make certain the rod tip is tight. Clean the joints very well, getting all of the green stuff out (or you'll never get it back apart).
Test it out in the yard, listening for any "funny sounds". If it is creaking, moaning and groaning, again, it might be best used as a real nice display in your office or something.
It sure is pretty.