One question: does the center spindle (not sure what it's called but the one that's fatter than all the others in the middle of the swirl at the bottom of the steps) - does that get painted too or should it match the railing?

Hi, You understood my second option perfectly. The first option just has the short return piece meeting the newel while rotated or canted at the angle of the staircase. This is easiest as it does away with the transition, and most builder-grade new construction defaults to this simpler alternative. Just remember that your horizontal balcony or landing rail must be at 36-38", but the stair handrail must be at 32=34" above the nosing of the treads. This creates a great disparity, and it is very possible that the square part of your newel (assuming that it has a turned section in the middle) will not be capable of catching both of these rail heights. That's what goosenecks are for. The gooseneck raises the terminus of the railing to the very same height above the landing as the horizontal rail, thereby creating a visual unity to the whole assembly. It's not that a gooseneck is mandated by code, it just looks better, and lets you use a newel with a smaller square section. (newels are made with as longer and shorter square sections.) Just make sure you understand that the stair rail must be within the 32-34" range. Casey

Be sure to sell or give away that beautiful old railing and not throw it on a heap. I happen to like it. But indeed, it might look better in black. The railing you have posted instead gave me some shudders. Quite a contrary style and not one I'd welcome in my home. Way too modern for a ranch home, is what comes to my mind. If you are really going to get a new railing, I like the one Judy proposed, although I wouldn't want it in white at your place. Perhaps in black and the railing that matches the wood of the stairs? Or maybe something like this?

Yes, of course you do. Take a few minutes to construct a cardboard or plastic shield that can be slid around each of your spindles to keep the paint from getting on them and then carefully paint the underside of the banister.