Rub rails. With stainless rub strakes added for longevity. I would put them back on. They take a LOT of abuse that comes onto docking. When you roll the boat at the dock that area does come into contact with the dock. As function goes, they don't really do any spray reducing.
I wouldn't make them out of FG. They act as a 'sacrificial part', so they are a replaceable item. (Much cheaper than the topsides) The wood acts as a disposable dampener or to spread out the force of impacts. Notice they only run from the aft bulkhead to the stern? They protect that last 7' or so of flat side.
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