The formica is replaceable but it is a helluva job to get it done right. I have done it to one table and it turned out nice but I wouldn't want to do it again.
I had to use a power hand planer to actaully cut the old formica off. A heat gun is a PITA and ends up doing a lot of damage to the wood.
The new formica has to be re-adhered with epoxy. I wouldn't risk using contact adhesive as the formica is pretty rigid and the top of the rail has a bit of a curve to it.
I was able to get some original GC formica to replace it, but it has to be carefully sanded to remove the "orange peel" without compromising the wood grain pattern. Also, the rail sights need to be re-inlaid.
Here are some pics of the work if you're interested...
https://goo.gl/photos/fYFQVsp92kcRSqAr5