Step one: PUT THE SANDPAPER DOWN!!!!
Step two: Use a chemical stripper such as Zip Strip, Strypeez etc. After it is stripped then you may sand the deepest gouges.
step three: Refinish with the finish of your choice. Pick a finish and we'll go from there, i.e. Oil Finish, Polyurethane, Tru Oil or what.
Personally I would choose an oil finish and cut it down 2 or 3 to one with mineral spirits and wet sand it in. It takes time, well over a month, but worth it. in my opinion.
