To cantxsail, I was one of those wives who insisted that we would not paint the teak. That is, until my husband suggested that I be the one to maintain it...
We replaced the teak handrails on deck
with stainless and painted the caprails with Pettit Easypoxy, sandstone color, after first sealing the wood with honey teak (HT). Other, smaller bits, are either HT or varnish. One side benefit of the stainless handrails is that they are strongly backed and I feel more confidant using them.
Our philosophy is that the boat is outfitted for us, not for resale. But, if we choose to go back to unpainted teak we can remove the paint and HT. I've taken HT off the caprail before and I know it can be done.