Well, probably not now, because you have an existing finish peeling. That will have to be completely removed. And I do not know how you are going to do that without damaging the floor. You cannot screen it off completely. When I have had finishes fail ( peel ), the only SURE remedy is to re-sand to bare wood ( refinish ) and do over. When re-coating an old floor, shellac can adhere better then poly, especially OMU. One still must check for wax, because NOTHING will stick to wax except more wax. But floors that may have been contaminated with other products stand a better chance of being successfully re-coated when they have been thoroughly cleaned, buffed and first coated with shellac. Basic's re-coat system with the IFT works good as well.
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