1958 3 bed ranch with basement staircase between living room & kitchen
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If you decide not to move the staircase, maybe you can hang big mirrors to reflect that terrific view through the living room and kitchen. ☺️
We have the same arrangement in our 1954 ranch. The biggest problem would be if the walls are support walls. I would suggest having it checked out by a pro to see if it would be possible to eliminate part of both walls to make the first part of the stairway open like pass through on both sides with some kind of posts to use for support.
If you do not want to move the stairs, which can be an expensive and impossible task depending on the layout of your home, I have seen where the heavy railing has been changed to something see through like glass or plexiglass, which takes away from the bulkiness of the structure, lets the light in and will not show up like a bulky railing.