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With that type of exposure, I would suggest sealing the wood with West Systems Epoxy using 207 Special Clear Hardener. 2 base coats will do wonders. After that, pick your favorite varnish-Epiphanes, Captains, etc. and apply your 6+/- coats of varnish over the epoxy. The epoxy will offer better protection against penetrations in the finish. I would also recommend annual touch-up's rather than the complete over-haul every 3 years. I seek out any problem areas that have developed over the season, scuff sand the area (if down to bare wood, re-seal area w/ epoxy) and re-apply an appropriate number of coats of varnish. Far less work than a complete strip.