Furniture, Wood and Cabinetry Finishing - refinishing oak dining table

I am about to undertake refininshing an oak dining table. It appears that the finish may be original (no layers) ; probably a varnish, or possibly shellac. I am wondering if it would be advisable to remove the finish by simply sanding, or go through the usual stripping process. The design has very clean lines (nothing ornate) so sanding would not be a problem. Secondly, I'm looking for tips on finishes. I like the natural look of oiled finishes, and this oak has a beautiful grain I would like to showcase. However, as a casual family dining table, I would like the piece to be durable and resistant to water staining, etc. Will I be able to get the natural look I'm hoping for using a poly finish? Any other suggestions?
Thanks for your help,
Raydeen

Raydeen,
I would use a chemical stripper and go throught the striping process. For a finish, because it is a table top you will want at least three coats of a varethane. This will simply bring out the natural grain and colour with the flare you are desiring. Personally, I would go with a semi-gloss, but look at the different choices that you have before deciding.

The PEEL AWAY 6 or 7 product will do a wonderful job of stripping your table while keeping the natural color of the wood. See their web site at http://www.peelaway.com