At this moment the Rub Rails are on saw horses in my shop. Yesterday we removed the rails, on which the paint was peeling in one spot and set to work sanding the rest of the paint off. If you are going to try this yourself get a belt sander. If you plan to do very many jobs like this get a better quality belt sander and work outside. The paint was on thicker than peanut butter.
As we worked we discovered why the paint was peeling, it was wet. This is how the wood work gets wet.
Once the rail dries out completely I will finish sand it and then instead of army green paint the wood will be left to speak for itself finished with Tung Oil.
I'll keep you posted, the rails are supposed to be re-attached on Friday.