Hi PP.
I replaced mine in my old house, I used two dowel inserts carefully marked and drilled in and gripfil, followed by 'big chuff off' screws drilled and screwed in an angle which pulled it v.v.v.tight (my battery drills/screwdrivers didnt have enough juice to tighten them up, so i ended up using an SDS with hammer turned off!
Filled all screw holes with gripfil and plenty of paint (they were all done in white)
I guess it depends on your intended finish.
Perhaps using the bolt method, you could use a captive nut so when you fit the new newel, you screw it on. But you'd have to be thoughtful on how you'd go about tightening it should you be quarter of a turn out or so.
Gripfil is a truly wonderful product – don't under estimate it.
On the newel post at the bottom, that was done with a simple half-lap joint again with very hefty screws and plenty of gripfil.
Enjoy 😉