Today I unbolted the cabin top grab rails to refinish them. I was able to unbolt them from below and not take out the bungs. This will be a good winter project. I plan to coat the plywood holes with epoxy to seal the plywood core and seal with the grab rails with Sika Flex 291 LOT. That is what was used in 1995 and has held up wonderfully! The red product is meant for wood and also used where the chainplates meet the wood run rails. More photos to come after the wood is scraped and refinished.
That looks like 5200 on the base in the second picture. That is what they used at the yard in Costa Mesa. As you know, those are very hard to refinish and do a good job. As you can see from the photo, it is impossible to do a good job of finishing when using a product like Cetol or varnish unless the rails are removed. Since you have them off, I suggest using a heat gun and scraper to return to completely unfinished wood. Try refinishing with SEMCO honey tone. It is very easy to apply (foam brush) and it will last the season. Scrub it with water and a maroon scotch bright, let dry and re-apply with two coats. No need for taping. It will give the appearance of freshly cut teak. You will never have to remove them again.
I would tape over the mounting holes with 2 inch blue tape, then dry mount the handrails. Mark the bases and do a good job of cutting out the ovals. Bed with the 291 and you should be good.