Hmm, I had to do that on the rails of our old C&C 30. I did go with the sand option, mostly because I was not interested in dropping all that caustic to semi-caustic stuff onto the exterior gelcoat. In my case some of the wood had also gone gray so the sanding helped get down to clean wood. Because the sanding dust was all dry it mostly blew aware (did it on the cradle before launch - not to both my neighbours with the dust). Sanded it most in one weekend and brushed the new Cetol on the next weekend. Looked like new.
One person's perspective.
One person's perspective.