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All of the wood on a later (beginning 1983) Montauk is teak, with the exception of the cooler cleats, and Mills Flying Top system mounting blocks.

I agree that real marine spar varnish is the most durable finish, and longest lasting, less work in the long run. I do not like Cetol, although I now understand there is a clear version which does not have the UV inhibiting iron pigment in it, which causes the orange look.

I use Z-Spar Flagship, and pre-stain with ZAR #120 teak oil base stain, 10 to 12 initial coats. You can see my varnished Montauk in the personal Website link.