Hey Killick,
The grab rails come off easily if you don't have a hood liner in the cabin, just unscrew from the inside. Take them home, sand them with a machine and varnish them using a good quality marine grade varnish. I used Feast and Watson last time. You can do them whilst they're on the boat, but it takes longer and is susceptible to weather when it's drying. I have a battery powered 18volt palm sander which helps.
With the toe rails, I started sanding them and cleaning them, but never got as far as I wanted so they're now grey timber. I'm happy with that for the moment, as it looks better than faded varnish or peeling. Although I do have to finish getting the varnish off one side. I think though, once I do get the timber clean, I'll probably just oil it for a while until I get a decent window to varnish it properly.
One thing with varnish, at least from my point of view, is take your time. Use thin coats and sand lightly between coats. Build up to about 8 thin coats and then you'll have a lovely long lasting lustre. The port side rail and the stern seat on my boat are the two best features.....
I have a tiller cover, it was made by Hood Sails when I got them to make up the Lazybag and seat cover. This is the second tiller cover, the original went to god a few months ago. I think it cost about $80, but it was custom made. All up, the Lazybag, seat cover and tiller cover came in at a fraction over $600 I think.
Have fun!
Michael