There is always compromise when considering function verses form. Form done to perfection will be costly in terms of time and money. Pure function can often be ugly! Compromise is often needed. In terms of your toe rails, what do you what from your boat? If first and foremost you love working on projects and can give the time and resources to make it perfect do it. But if sailing your boat is your priority a compromise is necessary. Four years ago I chose use Rustoleum paint on my black toe rails. I cleaned them with an abrasive pad and Bartenders Friend powder, rewashed w/ Joy soap and water, taped it off and sprayed with Rustoleum. I would guess I had about half a day in labor and maybe $20.00 in the job. I have touched up a couple of areas of wear but it took very little time and the rails still look good. (I also think that those areas would have worn thin with the complete and expensive proper paint job).
A short time ago I read an article about I think it was Mr Morse of Morse Boat builders. He had retired, built a beautiful teak goddess sailboat, and sailed to a warm area of the country. He noticed that his neighbors in his mooring area were often enjoying their "sundowners" while he sanded and varnished his teak decks. He chose to paint the teak decks white and enjoy the company of his neighbors. He is now the guy I idolize!