The Hub

I've got a client with a '72 Tele.

It needs a re-fret, but the truss rod isn't functioning. In fact it's backed out of the channel significantly, and there's a bulge in the neck underneath the first fret which suggests to me there's something going on with the truss rod anchor. The puzzling thing is the wood in the neck has bulged, but the skunk stripe and the finish don't appear to be disturbed at all.

I'm thinking I'll probably have to remove the skunk stripe and get at the truss rod that way. But any thought's would be much appreciated.

Conor