Looks familiar. As far as the hand rail and cap rail, clean 'em up and put some varnish/poly/whatever and they'll look great. The decks on the other hand are the real problem areas. Personally, I'd clean the decks thoroughly, identify the leaky spots (i.e. slower to dry after getting wet), reset any screws missing bungs (get rid of all those after thought round headed screws!) and glue new bungs in, andcut down the deck sealant. That's easily done with a sharp chisel or a tool like the Multimaster with a smooth cutting blade. Then I'd give the entire deck a very light sanding with a random orbital sander in order to get it smooth and looking halfway decent. From there, live with it a while and you might find it will last several more years. OK, just so you know, that simple set of tasks (and they are simple) are time consuming but it would give you an opportunity to spend some quality time on your hands & knees or perched on a boat cushion and get to know the old girl a little bit better!
Oh yeah, you might want to carefully remove all the oval half round at the deckhouse to deck joint, clean up the joints and re-bed those pieces too. They tend to leak through if not maintained every 25 years or so!