Caveat about remving toerail
You may consider not entirely removing the toerail, to avoid the potential problem Jim mentions, and just rock it upwards with flatbars after you have removed or loosened the locknuts. This may be adequate for scraping/chipping out some old 5200 and replacing it with new.
(Please don't use anything other than 5200 on this. Please, please.)
I have observed two things which may be of value here.
1. Hunter tended to use longer bolts than necessary. They are 316-SS carriage bolts with square shanks that fit into the square holes of the toerail extrusion. Why they made them square I will never know. I have replaced a few with regular machine screws where some piece of hardware was to go, and there is nothing wrong with doing this in a few places. The added length of the bolts indicates that Hunter may have had problems getting the toerail aligned just right before being able to turn the locknuts onto the threads; so this may be a warning to you to not take it all the way off yourself.
2. I found that the carriage bolts worked up and out very easily with a few well-placed hits from a persuading device from below. I was impressed to find very little corrosion of the aluminum where the head of the bolt had been (in some places none). Still, I would advise you to put some low-strength electrolytically-insulating Loc-Tite under each one when you bed them down again. If you have exchanged any for machine screws (due to damage, hardware, placement, etc., an easy trick is to put a bit of electrical tape under the flat washer and trim it with a knife prior to installing the new screw. Of course flat washers won't work with square-shank carriage bolts.
If you use black 5200 you may end up with a very nice fillet of 5200 along the edge of the toerail at the deck. This can only help with keeping out water, will be easier to maintain in future and may even look nicer than the clean edge.
In any event be very careful to not nick or scratch the black finish of the aluminum as you work the rail up. I'm pretty sure that anodized finish is what keeps it from corroding under the bolt heads!