Refinishing a timber canoe

Hi guys,
First post - I knew I would find a woodwork forum out there somewhere.
So, I went looking on Ebay for a canoe for my kids and ended up buying one for myself.
It's a wooden kayak built in the 70s by a bloke who is now too old to paddle it. I'm not sure if the pic link will work or not.
I saw this canoe and wanted to save it.
Now I have to refinish it. I'm going to use it, so I need a finish that isn't just cosmetic.
It's in good condition, but I suspect has the original finish. It has worn away where the nails are and there is a small circle of bare ply around each nail head. There are a few other places where the finish is very thin.
It has fibreglass tape on the joins.
I'm assuming the whole thing would have been finished with resin.
So, what would you do?
Sand it obviously - random orbital and then hand sand with the grain?
Fill any holes with resin?
Coat the whole thing with multiple coats of marine varnish?
Scott