Re: Refurbish or scrap?
Veneering is easy these days, the hardest part is finding the veneer which isn't hard if you mail-order it.
Even a plain 2x4 from the hardware store can support over a ton in compression, and a redwood 4x4 or fence post obvisouly more than double that. I'm not sure how you would figure the compression loading on a compression post but there must be something on the web about that. Personally I'd go for a metal post to save the weight (yes, even on a day sailer!) and then of course, you can always still veneer the post if you prefer the aesthetics of teak.