Yachting and Boating World forums: Filling the seams again

Having removed all the caulking from the seams of my 1912 yawl (pitch pine on elm) I now have to decide what to fill them with.
So to set the scene; Some of the seams are very wide - 1/4" to 3/8" in places - and the original cotton was pushed right through here and there. The boat is very dry having been ashore for seven years or so and under cover for the past 12 months, but the big gaps were obviously there before as the gaps/cracks in the putty were small and there was lots of cotton. Many of the plank edges are damaged where, I guess, previous similar work has been done over the years. I'm about to start hardening up the fastenings, replacing those that need it.
The choices as I see them are:
1. Splining (only above the waterline), recommended by a number of 'advisors', glued with epoxy, which will give a tight, smooth and tidy hull, with no ingress of rain water and less maintainence. But will it burst the fastenings when she takes up? Pitch pine splines or something softer that'll give? Will the splines themselves shrink in time and tear away from the planks leaving a greater problem? And is it really in keeping?
2. Caulk traditionally - Cotton or Oakum. I know that 8 ply cotton is available and that would be replacing like with like, but some advise that for the big gaps oakum would be better as its grip is stronger. Someone suggested oakum with cotton on top as the cotton expands more and gives a better seal. I've never done it but with 1000 foot to, do I'll learn! Traditionally sound, but does that make it a better choice?
I'm changing my mind as often as I change my socks at the moment. Any views and suggestions welcomed.

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