Anonymous wrote:OP here. We did look into replacing them, and it would be $$$$ to have a company do it - basically they have to come out and custom make them for your stairs, since it isn't like they just have them off the shelf built to fit. The lowest quote we got was for about $2100.
We looked at doing it ourselves, because we are pretty handy (Husband has redone bathrooms, including tile work, plumbing, etc). I think the actual materials would be cheap, depending on what you want to replace them with, but you actually have to buy each individual metal bar, a bunch of little pieces to attach to the bar to attach it to your floor and then to attach to the top railing, which comes separately. So you'd build it piece by piece.
For our part, we have small children and the upstairs hallway (with all the bedrooms) has one regular wall and the other side is one of these railings. I think with replacing them, they'd have to be taken down for probably at least several days if not weeks, and I don't have any idea how we'd keep the kids from falling down onto the stairs.
We moved into a house in Arlington built in 1981. Just one flight of stairs, but the banister was loose. We didn't push it on inspection and decided to fix it ourself, or, rather, pay someone $900 to do it... In our case we didn't have a choice -- it was a safety thing, rather than a decor thing like your situation. But the lesson here is you'd THINK this is an easy fix but it really is not. It involves getting under floor boards, etc. I honestly don't think this is a DIY project.
My recommendation is try the paint. Then if you can't live with that, suck it up and pay an expert.