If you're just trying to get it back into service and are happy with this as an end result at least for now, why not?
I know a couple of guys who have done this and apparently the secret of making it look really good is good prep, cleaning up the wood, sanding, a few coats of good stain, making sure it really soaks in and then several good coats of varathene preferably with UV protection... if you do this it should last for years...