Mine is and 86' and looked bad when I got the boat. I removed it, sanded it, and covered it with clear urethane. It looks great now. As for the teak plugs, I got a piece of teak dowel of the same diameter and just wood glued them in and hit them with the urethane.
I refinished my badly weathered teak to like new without removing or sanding. Boat Armor Marine Products sells a Unique Teak Kit that uses both acid and base cleaners to restore the new look and teak oil to refinish.
Care must be taken to protect the fiberglas but the result was great.
I continue to apply aditional teak oil from time to time just to keep it looking good.