A lot of work but well worth the effort, I would be inclined to give them a quick rub down to remove loose paint and a temp coat to protect them until the warmer weather next year. Starting to strip and refurbish in this weather you will be on a hiding to nothing.
I was thinking about doing this but worried about how to go about it and what to use. I thought the best paint to use once repaired would be holkhams linseed oil based paint.
If I was just going to protect them for winter, what should I use for a temp coat?
Also when you say "a lot of work" what do you think that may entail? Ripping out whole sections or a lot of sanding and small repairs?