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Any decent Shellac will work for finishing.
Shellac has the advantage of being burnished through use, and once dry is completely waterproof.
Wooden pump handles have one big disadvantage in that wood alone will not hold machine threads like the end of a pump rod.
Mounting bolts can be replaced with wood screws but you need to install an insert made of brass or steel anywhere a threaded rod or machine screw has to be.
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