Well, whatever you do will change the color. Red Oak which is pinkish
to beige when raw will turn more towards yellow/gold with any finish.
Just get any part of it wet with water or mineral spirits to see what
the finished color will look like.

Depending on your available equipment and what the project will be used
for (ie is it a table or a picture frame?) will determine what finish
is best.

Any oil finish will darken the color even more than a film finish AND
need to be renewed eventually. Read this months Fine Woodworking
magazine for a great technical piece on oil finishes (I think that's
where I read it).

Lacquer is fast to spray (dries in 20-30 minutes) and can be gloss to
satin, your choice. Not as durable as some other finishes (somewhat
brittle) but pretty good. Sorta repairable. Nice for furniture, not the
best for table tops or high wear/contact areas. Used alot in commercial
applications because its fast but won't last as long as some others.

Shellac is a natural finish. Not sheen controlled in the mix, must be
managed with steel wool or polishing for satin/gloss respectively after
application. Mixed/thinned with alcohol. Dries as fast as Lacquer. Can
be sprayed but better brushed or ragged on. Not very impervious to
liquids, especially water or alcoholic beverages. Very repairable.
Historicially used on some of the finest furniture. Not great for table
tops where food/drink may be served.

Polyurathane is slower drying (some newer ones are faster) and
available gloss to satin. A little harder to apply well and harder to
sand/polish because its so fricken hard. Spray, brush or wiped on (in
my opinion wiping is the easiest way to get great results as a
hobbiest). Very impervious to liquids. Not really repairable. Good on
anything but best when wear is a concern like floors, doors, table
tops, furniture in the kitchen.

Varnish is also slower drying and the hardest to apply well. In my
experience it is more like paint than any of the other finishes. Best
brushed but can be sprayed. Hard as **** and fricken
waterproof/sunproof in some forms (ie marine varnish). Never tried to
repair but assume as bad as Poly in this department. Good on boats,
exterior doors and also used on furniture (send the flames boys).

Hope this helps. Of course all of this is IMHO and YMMV ;^)