I have a 1960-era Stanley #5 with black lacquer on the tote and knob. I polished it out with 000 steel wool and wax, and it looks pretty good. However, it's still subtly rough, and after a day of slinging this plane around, it really started to irritate my hands.
I could strip off the paint, sand the wood and repaint or wax or something, but this plane is no collector, and I really don't care about wood vs. plastic. I like the plastic "faux rosewood" handles on my other plane (modern #4) just fine, and I greatly prefer the larger knob too.
I've seen rosewood, but does anybody carry plastic? Cheap is the order of the day here.