its some goo off a miller welder PCB from the year 2000. It says varnish in the manual but it feels gummy.. I don't see any similarities to transformer varnish or wood varnish, if it is varnish. I would call it a clear rubber coating. Feels more like hot-glue (its somewhat more ductile) or silicone then anything else I can think of. Like the strips of glue you can peel off clear plastic blister packages..
The way I do it is I use a dripper bottle to pool xylene around the solder joint I want to rework then I scratch it up with a wooden stick and then after it sits in the pool for a little bit , absorbing xylene and swelling. Afterwards I use the dripper bottle to coat a q-tip and then I buff the area with the q-tip until the q-tip has too much goo drapes on it, then I use another one. When I am done it looks clean but the silk screen under the components (i.e. diode orientation), gets damaged because parts of the letters flake off. Afterwards I clean with a q-tip with iso.
I bought a bottle of THF to try since it was way cheaper then that stuff. If it does not work I will look into that stuff since THF is still a useful superglue remover.