I'm not a fan of stripping and re-staining because it's hard work, and I have more wood in my house than I need. I welcomed a change from wood on wood. My choice...black. The iron has black in it, so it would match the rest of the table set. I had a pint of black enamel paint so I decided to go with it. This was so quick I had to post it.
First a quick surface sand with my hand sander. This is a quick sand to give it "tooth" to hold the paint. Then wipe with a lightly damp cloth to remove the sawdust, and let it dry. Next paint. I used a brush because I wanted the brush strokes (I like a rustic look because it hides more imperfections). Plus the table had "faux distressing" in spots and the new finish needed to match.
Let it dry, then it was a second coat and done. I didn't wait long enough, so it started to "bubble" or "separate" a little but I liked the look so I kept it. No top coat because it didn't need it.