Yes, I think so. I've been researching but am still not completely familiar with all the terminology. there will be open railing on the 2nd floor on both sides of the stairs forming an L shape. The hardwood would be installed with a bullnosed piece along the edge of each side of the stairs. I'm not sure if that's called stair nose or landing tread but the ballusters would attach to it. I think that's what you're referring to.
As for going up the stairs (landing tread, runner???), the stair railing will look like the top picture below. What I had also been considering is using the brazilian cherry under the ballusters to carry the hardwood from the first floor to the 2nd floor. My stairs are built similar to the top picture in this link:
http://www.hardwoodinstaller.com/hardwoodinstaller/stairs-prep.htm
I will not be installing until next month but plan to purchase a pneumatic nailer. I haven't decided on staples versus nails so am not sure there will be any nail holes
Should the carpet begin on the stop step and break up the hardwood or on the step below?