what finish did Leitz Wetzlar use on these things? A varnish? shellac? verethane? The survivng finish dosen't look like anything I've been able to identify.
The only Leitz easel I have known was all wood finish, with no white.
As for the wood finish, I doubt it is polyurethane if the easel is old(ish). In any case, polyurethane is a bad choice - it's the same stuff that makes for rotting light seals and loudspeakers - and is destined to turn to goo with age.
The original finish is likely shellac. I recommend sanding it down and using 'Waterlox', either the marine varnish or the gym-floor finish. The stuff is made from tung-oil, and tung-oil wood finishes seem to hold up for millenia, or at least they do for Chinese artifacts.