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Assuming you take it down to bare wood, the recommendation would be to dry thoroughly, then epoxy coat to prevent moisture absorption which results in expansion and contraction with changes in humidity. This expansion is what cracks varnish.
I like Interlux Schooner because it is phenolic based.
Yes Epoxy/Varnish works well. Initially on my teak I did 3x coats west system epoxy followed by 4x coats varnish. Then every season I maintain by 2x coats of varnish in the spring to block uv.
Hope this helps