ASA and PSIA Instructor
Join Date: Apr 2000
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Yikes, It's surprising that teak would get "soft", if there's splitting I would assume that it is not properly protected. Teak toerails are pretty rugged otheer than for heavy impact. What is on the teak now? Whetever finish is on the wood needs to be completely removed, and the teak cleaned, then you can start over. You need to have any bad wood replaced, a good yard can splice in replacement sections for good $$$. Anything with Gitrot will look like a hack job (as it would be...).
You don't want to put epoxy on external teak. The right finish for teak toerails is varnish, which is difficult to apply and eventually even harder to remove, which you need to do periodically, say 4-8 years depending on circumstances.
A valid alternative which I personally would use is Cetol. The pluses of Cetol are it can easily be touche dup, and it's easy to stripp when the day comes. The downside is a sharp eye will recognize you've cut a corner on your yacht. Search for rprior threads on teak, varnish and Cetol.