That having been said let's get down to reality. When choosing wood you must first think about the final product, is it going to be painted, stained, varnished, fiber glassed etc. All of these things make a difference in your choice of wood and construction. Personally I think paint is a sin. After all the hours put into picking wood, cutting it, glueing it so that each plank is snug to the previous one etc.
Paint is to be used very sparingly or at the most to set off the rest of the boat.
You may wish to paint from keel to waterline, I find that a little touch of red or off-white paint really tends to set things off. The natural wood will of course stand out more in this occasion. Or just limit the painting to a thin stripe at the waterline and to some parts of the deck furniture. I use only wax, turpentine, and elbow grease. Bottom line, let your conscience be your guide.