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The thought of varnishing down to a fitting is very good. Where the fasteners go thorugh the wood, and in some cases where they encase the wood, will admit moisture as the last message indicated. Therefore, to give a bit more protection, it would appear that those areas should have the fasterner holes sealed with varnish, before the screws are placed, perhaps even before the varnish dries.
Areas that are difficult to reach don't get prepared properly either. In order for varnish to stick, the previous coat needs to be sanded and degreased. If you go to bare wood, then the first coat over the bare or stained wood should be 50/50 varnish to thinner, so it soaks in and gives better protection to moisture and peeling.
Here is an article that is specific to the use of varnish and prep, it deals with teak which is oily, but if you overlook the concerns about natural oil removal from the teak, the same basic rules will apply to mahogany.
Hope this helps, Dogsharks
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