I had a painting business for 36 years. For exterior bare wood it was "stain, seal, and varnish", using oil base products, generally following the instructions on the can. For fillers, we used oil putty which we tinted to match, after the sealer coat and before the finish. You can buy colored putty at OSH. We also used colored caulk at the joints and seams as needed. Sherwin Williams has a sanding sealer in quarts. By the time I got "Sinbin", it's wood finish had been aborted, so I resorted to a tinted varnish glaze over the old polyurethane finish which looks good from across the harbor. I have had best results with a coat of Man O'War Semi Gloss Spar Varnish every six months, after a scratch sanding with 120 grit. Best to stay away from polyurethane, as it's almost impossible to sand. I have never "wooded" my teak in 20 years. The last owner sanded away the bungs. Hope this saves you some time and money.