About the shellac/wax, basically all of the Stanley/Record handles made from beech had shellac as a finish. You can tell it easily: the old 60's handles have a cracked, "spiderweb"-appearance as thick shellac does and it dissolves to alcohol. I have restored dozens of them just scrubbing the rest of the shellac away with steel wool dipped in alcohol and applying dark shellac.
Using steel wool and alcohol to get the old shellac away will keep the old stain, so you don't have to re-stain the handles.
Heavily shellacked (?) handles are not that comfy, for users I use just a few coats of linseed oil for starters, a couple of thin coats of shellac to close the wood (so that sweat and grime doesn't soak in to the wood) and finish it with a home-made paste wax.
Just waxing or oiling a beech handle isn't a very good idea for heavy users, the wood gets pretty dirty and ugly looking within a few years.
For the original look, just dip the handle in shellac, wipe the drips off and let it dry for a couple of hours. Then smooth the surface with steel wool and apply a few extra coats with a rag.
Pekka