All I can tell you is what I did with my 1969 wood boat. Completely stripped it of all finish and epoxy saturated it with the West System epoxy according to their directions. Was it a lot of work? YES. Did it look great? YES. If you're not familiar with epoxy saturating, order the starter kit from West from any of your boat magazines.
I don't know if this is good on boats or mahogany, but if your wood is grayed I've seen products advertised for restoring the color on wood decks. Spray (or brush?) on, (wait or scrub?) and wash off.
