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Being the same age, our steps were a little worn as well. I bit the bullet and refinished them. Here is what I found worked best.

1) I removed the individual threads by unscrewing then from underneath, and then cutting through the silicon chaulking holding them in place.
2) I cleaned the fiberglass and removed all the old silicon
3) I took the step threads home and sanded off the old finish on both top and bottom
4) I applied 2 to 3 coats of water-based polyurethane varnish to maintain the same light color of the original, sanding lightly between coats.
5) After the water-based polyurethane was thoroughly dry (48 to 72 hours), I applied a good oil-based polyurethane varnish for another 5 or 6 coats, sanding lightly between coats. I used Varathane brand professional flooring varnish. This gives a much harder and more durable finish.
6) I reinstalled the threads onto the fiberglass steps using silicon chaulking to seat them well and get a solid connection. The trick here is to first test mount the threads and observe where the gaps are between the wood and fiberglass. Apply the silicon chaulking proportional to the gaps and then screw the thread using the original holes. I used a tube and a half of silicon chaulking for the four steps.

The whole process took about week having removed the threads on one week end, and reinstalling them the next. I believe this new finish will last a good number of years.