Wood, Aluminum, Carbon, Fiberglass..all personal choice.
As Blackhawk said, your best bet is to get with a traditional shop or supplier and let them recommend what particular shaft you need for your setup.
Another good idea is to try a variety of sahft material and spines until you find what fits "YOU" best. This can best be done at a local traditional shoot where many guys will let you try their arrows.
In my opinion, the only thing important about cresting or painting would be with wood shafts to make sure you seal the raw shafts against moisture. Aluminum, Carbon, OR fiberglass won't make a big difference.