Capt'n Pauley's Vitual Boat Yard has replaced his mahogany handrails with a less maintenance material, polymer lumber. He says.. "Polymer Lumber is strong, doesn't absorb water, can be worked with regular woodworking tools, and doesn't require finishing."
Hop on over to his web site to read about why he made the hand rails from this material, and how he constructed them.
I think this material he uses is the same as starboard, on which he wrote a post about here. Somebody correct me if I'm wrong.