Just to add to the discussion: I've been very satisfied with my installation of the new handrails. I've had kids swinging from them and never worried. It has been nice to be able to insert a screw driver from below and check for tightness. A couple of the bolts on my old ones had stripped or loosened, and I could ever tighten them up without de-bunging from the top, which was very annoying.
I removed mine this year because I'm chasing down a mysterious and annoying water leak and wanted to start from the top down and be sure the rails weren't the culprits.
Also, my varnish is wearing through after 2 seasons. Six coats worked well for one season, but is wearing through after two. In hind sight, I should have applied a couple of maintenance coats last season. But, it was nice to be able to just unscrew and remove them and varnish away in the basement.
I'm not a blue water cruiser, so don't feel the added security of the through bolting method was necessary. But, I'm happy with strength and the easily maintainable setup I've got now.
I WILL definitely use Ebb's holesaw idea from underneath however! Great idea!