I literally had just enough caulking to get all the seams filled, but once complete I took a 1 inch piece of scrap wood and smeared each of the seams to make sure everything was filled and there were no bubbles. At that point I set it aside for 48 hours and let it cure up.
This afternoon I tested out the caulking with my fingernail and decided it was cured enough to sand, so I took my random orbit sander and 60 grit discs and sanded everything flat. It cleaned up really easily and didn't take long to get nice crisp seams and that teak deck look.
I finished up by putting a quick coat of varnish on the rails around the deck to get a feel for how the contrasting woods will look. Pretty sharp! So, now there is lots more varnish to do and I will also epoxy in 1/8" mahogany strips to the underside of the deck to cover up the plywood and to provide a final layer for additional strength.