Depends on whether you like to sail or do woodworking ... Personally, if I saw those badly checked grab rails, I would just replace with fake wood or custom stainless, but I prefer sailing to maintenance. The purpose of a grab rail is to keep my fat ass on the boat, and if I needed to go forward at sea then I would hesitate to grab that rail with my bare hand. I don't know how much sanding would be required before I felt comfortable grabbing those, but I know it means removal and replacement to do it right. Which activity do you prefer spending your few leisure hours doing?