The key to a lasting finish, whether you decide to paint or stain is degreaser, stripper (for existing finish), wipe-down, with plenty of time to dry between each step, then a couple of thin layers of paint or stain, followed by thin layers of sealer. Again, allow time for paint or stain to cure before sealing, and allow all coats to properly dry before adding another one. Figure that the whole process, if done properly, will take well over a week, but the finish will hold up. Shortcuts don't work.

Just a couple of things to add. As far as allowing each layer time to dry. Follow the instructions on the can, some finishes have a window for adding additional coats. Too soon, or too long, will cause adhesion problems. TSP works good for a cleaner prior to doing anything.