Install Hardwood stair

I am looking to put some hardwood on the stair to the basement, and replace the carpet stair to the second floor with this (or something similar): 1499&N=3+138+4294967255
The stair to the basement is 1" ply unfinished. The stair to the 2nd floor is the same under carpet cover is the same, I believe. There is a 3/4" nose stick out of the riser on each stread.
The choice of 5/16" solid wood is because I don't want to cause noticable differences among different risers. Do you think this is a good arrangement? Will the nose pieces that I buy (on that same page) will cover the original nose? If not, how do one cover that?
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