The missing eye isn't a problem, most shops can fix or you can learn

, but the crumbling foam is. Depending on where it is you may need to rewrap quite a bit. Sometimes you can't fit the foam over the guides, so you have to take off guides, then put the foam. If it's the foam on the back of the handle, and you want to try to fix it, after taking off all the old foam and cleaning properly and prepping properly and everything else, you might be lucky to go in from the rear

The fit might be tight, probably will, but hot water will help the foam stretch, but don't let the foam twist or be scrunched when letting it soak. If this sounds like it's very time consuming and adding up to be a lot of money, IT IS. Sorry, but it's true. In the end I just want to be honest and realistic. It may not just be worth the money.
However, if you are interested in doing so, then there's a helpful book by Flex Coat. It costs $5, and can help greatly with rod building, except decorative wraps. Careful, rod wrapping gets to be very addictive, but there's worse addictions.