You should have a professional installer in your area take a look at your home so you can discuss what end result you are wanting. You may need to use an engineered wood. This is still an all wood product and is much more dimensionally stable than solid wood. This is a huge advantage if you are in an older home or in the midwest where humidity levels can drastically change from season to season. A solid wood will cup or curl if humidity and moisture levels are not managed. Your installer should do a moisture test before installation to make sure the installation does not fail. All warranties will be voided if this step is not taken. Also, your transitions will need to be considered. Is the new wood floor going to butt up to tile, carpet, or vinyl? The height difference in the two products will need to be taken into consideration. You will have a greater selection of thicknesses in the engineered woods. Engineered wood should be several plys, all wood. If you choose a solid wood, the hand scraped versions are fantastic for a high traffic area with children. Hickory, Red Oak, most Brazilian Species, and even Bamboo are hard enough to take everyday traffic and still look terrific. Good luck!

I know exactly how you feel. I had a similar situation. The prospect of lifting the board and potentially raising the level made me wait. The wood darkened, and now I'm never fully sure where that board is. In fact, I forgot all about it till I saw this post. Wait a while. If it still bothers you in six months or a year maybe then consider lifting it. But I guarantee you won't, lol!

If your dream home was to use a white oiled finish would you choose a traditional wide plank or a modern style herringbone floor?

I disagree. This is standard whitewood T&G flooring. It's generally laid across joists by builders on the first floor of two storey houses as a cheap subfloor ready to take a floor finish. I've seen it sanded and varnished / stained and while it looks OK for a few months, it doesn't wear well as it's a (very) soft wood and is very noisy, particularly in the rooms under. If you want a wood finish without breaking the bank, there are some good laminates that you can lay over the T&G boards. A semi-engineered board would be better but will cost a bit more.