I filled in the old holes and drilled new ones - too difficult to try and line them up. Here are the steps I took:
* Remove the old toe rails, after prying out the bungs and removing the screws on the first 5' piece (1/2 hour), I decided to just split the toe rails with a chisel at each screw, pull off the wood and then remove the screws (1/2 hour for the other 47').
* Clean up the gelcoat from years of varnishing.
* Over-drill and countersink the screw holes to remove any silicone (the original sealer).
* Since the screw holes went all the way through the fiberglass and access to the underside is mostly impossible, I pushed a small ball of butyl into each hole, positioning it at the bottom of the hole so epoxy wouldn't drip into the interior.
* FIlled each hole with thickened epoxy.
* Sanded the filled holes flush.
* Position a length of PlasTeak where you want it, drill the first hole at one end (through the PlasTeak and the fiberglass) and drive in a screw. I made a template out of wood that fit over the PlasTeak that had the spacing between the screws and the distance from the end of the toe rail I wanted so the holes would be consistently spaced.
* Bend the PlasTeak into place, drill and insert the next screw, keep going until you reach the end. Mark the PlasTeak length you want.
* Remove the PlasTeak, cut it to length (I used a simple 45 degree cut and then snipped off the sharp edge with scissors).
* Countersink the new holes in the fiberlgass.
* Add LifeChaulk or your favorite sealant (butyl is not ideal here) to each hole and screw in the PlasTeak.