I refinished my cabin sole and companionway steps recently. Started by removing the existing varnish with a finish remover. It is solid teak and holly, so I could use a belt sander to get out the big scratches followed by a random orbital. Went ahead and bleached the wood, then brushed on 7 coats of polyurethane. It has been a huge improvement that is easy to clean and looks great. I would certainly try to refinish it before installing something new.
