Just wanted to add a quick observation from my project.
Last night, I was looking at some of the teak pieces I brought home to work on. I thought they looked ok and not too neglected. So, I decided to go strait to the Watco wax and skip the oiling. I used 400 grit wet/dry sandpaper and wet sanded the wax into some of the pieces then followed up with the bronze wool. I'm very happy with how those looked this morning after sitting all night.
I then went at it on some of the more worn hatch covers. The wet sanding removed some stains and blemishes and left the pieces with a nice even luster.
I even went back over a few drawer fronts with the wet sanding and bronze wool and it seemed to give a much more even finish. Those drawer fronts were in pretty bad shape as far as fading and finish wear. The original going over from about a month ago was starting to show some color variation again. Not bad but I could see it. I'm hoping the wet-sanding with the wax will be enough to hold the finish longer. The wood is very dry and I think it is soaking up whatever I put on it. I think the only maintenance over the years was lemon oil and they may have cone too late.
I did wet sanf with the oil around the companionway. i gave it some really good elbow grease. the lower pieces were REALLY dry and faded and pretty beat up. A month after having done that with the oil they still look good and I'll be waxing by wet sanding the rest of the wood.
Fortunately, I have a really big favor owed to me by a close friend I've done loads of plumbing and carpentry work for over the years. I'm calling in those favors now and having him help with the rubbing! It makes the whole process far more tolerable to have help. It's not something I'm used to!
I would really try just wax, wet sanded and then the bronze wool to start. You're going to need the wax no matter how far back you go in the process. Unless the wood is basically bare of finish and super dry, then I'd go all the way back to the oil with 320 grit and then 400 grit wet sanding. Let that set for at least 2 or 3 days before waxing and still wet sand the wax.
Last year, we were just lemon oiling the teak and that looks great for a few weeks and its really easy. You'd just have to keep doing it. I'm hoping to get to a once a year maintenance waxing.
Danny