Well after many many many many many many re-varnishing coats, or cetol coats; I am back to stripping and refinishing the rails, cheeks and bow platform again.
So I would not recommend putting wood on the top of the bulworks! Unless you are selling the boat, as it appears buyers love (just love) the look of wood on the top of the rail and that love affair lasts somewhere from 3 to 6 years then turns to hate afair, for all wood above deck.
Some options
1.) For me I rebeded them in 1998, most likely, I will strip them, then epoxy them, and then paint them with LPU to look like wood which they are. (later I can strip the paint and varnish over the epoxy) and sell it to a buyer who has not passed the 3 to 6 year love for wood period.
2.) If I did not have rails, I would use good structural foam or some teak or plastic wood planking core to glass to the hull and glass over it to produce the width and look of the original rail (about 4" wide and a little thicker than the 13/16" original to a new 1.25" thk with a bit of a crown) and then sand it and paint it with LPU to look like wood.
a.) you need solid material (wood or alike) under the hardware (no foam there)
b.) I would use a router guided off the bullwork to round over the inboard edges then use the new inboard edge as a guide to make the outside 4"+ width from the inside (easy and fast)
c.) It pays to be good with a random orbital sander and a router
d.) easier done without the hardware in place
3.) Just glass over the rail without the cap (does not look so good in my opinion) and not an option for me as it is about 2.7" wide +/-
4.) If you look through the WOA web site I think Someone redid the caprail with plastic wood and used no finish at all (looked ok)
5.) Get some teak boards and make new rails, it is not that hard, 160 to 200 Man hour job, If you can't, then please please! have enough $$$$$$$ that you can pay some one to do the whole job +/-. should be around 12 to 15K. I do hate to see w32's out there rotting because of a dreamer without skills or $$$$$$$$'s, just wishing, and you do know all the wishing in the world will not get a job done. I think this is why many westsails are so cheap in the market place.
6.) some nice pictures are at
http://www.westsail.org/intheyardforum?mode=MessageList&eid=1142938
I hope this helps, and please please do bring your new W32 back into top form. Both you and everyone else will enjoy it so very much. They do require much time and Money but they are a great boat.