This is one topic, like "favorite" anchors, and what's the "best" way to make coffee on your boat, that really has no "right" answer. It all depends on what you like and how much work you're planning to invest in over time. Many love cetol because of its lack of future work. Others hate it 'cuz of the color. Many love the look of varnish (of any type) while others hate the amount of work involved and the care needed in preparation. It's really a case of your boat, your choice.
As far as "bleaching" and "dremmel", I've found the easiest way to clean old teak, after removing the old coating, is to use either two step or one step teak cleaner and brightener. It's a LOT less work. Maybe that's what you mean by "bleaching."
FWIW, after 30 years of dealing with this issue, my personal choice, after doing the varnish, plain teak oil and cetol routines, is cetol. Easy, fast, the color's pretty much the same as the old varnish we removed, and it's so easy it's like painting. Simple. Right mu MY alley!


