What to do with DeckOver - Just keep adding more?

We actually have Pittsburgh Revitalize on our deck, similar to Olympic Rescue-It, DeckOver, Deck Restore, etc.  Like other instances, ours is peeling right off in many spots.

I would love to strip it all off and apply a different product, but the deck is large and complex.  And it's hard to get off.  Would take days or weeks.

My other idea is to get all the loose flakes off, sand the remaining Revitalize down as close to the wood as possible, and re-apply the same stuff over the top.

Is that a good idea?  Terrible idea? 

What do you think?