You might give the new Cetol natural teak color a try. Two coats of the natural teak and two coats of clear gloss looks very nice. I had a tiny bit of lifting of the Cetol on my cockpit coaming but a light sanding to feather it out and another 2 coats of clear fixed it. That was after 2 years of no maintenance coats and un-covered. I'd say that it's a good, durable product. There was some light checking in the surface finish; but I can accept that since I had let it go an extra year without the maintenance coat.
I agree that the main issue with lifting is moisture getting beneath the wood at the edges; so if you can pre-treat the underside with finish or epoxy it will go a long way to preventing peeling.