I personally like the 'floating' effect of an exposed wooden handrail, always worth investigating what quality of handrail you've got, a lot of period properties used good quality wood e.g. oak, mahogany, for the handrail and cheaper wood for the spindles. Again personally, I'd avoid a gloss finish, looks too institutional, matt finishes are far more forgiving of blemishes, eggshell is a good compromise. I'd also be very wary if you intend to paint the treads too unless you intend to have a runner, as the last thing you want is a slippy finish...