I would not sand it Col. I'd do some rubbing with 000 and 0000 steel wool, stain it back (Feast and Watson maple would be a close match), rub back again with 0000 and then a GOOD quality drying oil - Tung Oil or Danish Oil.
I would NOT varnish it - my grandfather stripped, sanded and then varnished some quality silky oak furniture years ago, and it just looks yellow and lifeless.
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