Refinish an outdoor play set

Hello,
I'm in the process of refurbishing an outdoor wooden play set. To that end, I've already power washed it and now want to apply some sort of finish or preservative. Color doesn't matter.
The play set is old PT wood, but in relatively good condition. Power washing it really brightened up the wood. My plan is to sand any spots where the grain was raised, in order to prevent splinters, and then apply an oil type finish. As I understand it, paint will peel, but an oil or stain will penetrate into the wood fibers. Am I correct on that? If so, any recommendations?
I just happen to have some Thompson's Water Seal on hand, but am not sure that this would be the correct product to use. I've seen decks that have been sealed (not sure what sealer was used) that become very slippery when wet. That's what makes me question using the Thompson's. I don't want to create a slippery hazard and wait for an accident to occur.
As to sanding, would 120 grit sandpaper be okay? With regard to applying the oil or stain, would it be better to brush or spray it on? I've seen where they use a pump type sprayer to apply the finish followed up with a brush to thoroughly distribute the product. Any comments?
Thanks in advance to those who post a reply to the group.
Peter.
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The water seal likely has waxes in it and any subsequent paint will fall off. A decent oil paint thinned down for the first coat will probably last longer. Even though its a wood struture, I would likely go with Rustoleum. This stuff will penetrate when thined and give a tough top coat. Spray or brush - spray uses less paint and gives a smoother finish. Don't spray the dog or kids: inlaws are OK.
Pete
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I was involved in construction of a large playground built entirely of pressure treated wood. This playground was designed by an architectual firm that specializes in wooden playgrounds.
See http://www.leathersassociates.com/index.html
The only finish we put on it was boiled linseed oil. The oil causes most splinters to lie down and disappear like majic. An application is good for a couple of years, then you just brush or spray on another coat. Film-forming finishes like paint will eventually peel, leaving you with a more difficult recoating job.
DonkeyHody "In theory, theory and practice are the same, but in practice they are not."
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Having spent more hours than I can possibly believe sanding off old finishes from various indoor and outdoor items over the past few weeks, I am forced to conclude that you done a Very Smart Thing ;-)
Sanding a shelf or piece of furniture is one thing but sanding rough and weathered exterior wood sucks. A lot.
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If it is old PT wood, you should seriously consider getting rid of it (arsenic and all that). I wouldn't allow my kids to play on it. And for heaven's sake, don't sand it.
I'll probably be flamed and people will say that it is not a concern. Fine. But my kids wouldn't play on it.
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