DRESSER FIXER-UPPER: NEED DIY ADVICE

I've spent a few hours out in the garage sanding down my old dresser for a quick DIY facelift. I started with a spanish colonial, blonde pine dresser and decided a nice dark walnut stain would be a warm touch to an otherwise light room. But after a few coats of stain I noticed that the really blonde areas were staining more golden and not the desired ashy walnut I had envisioned.
My mind has changed a few times in the last few days. I've considered painting it black but worry it will be too drastic against the light blue walls, antique white bed frame and wheat colored carpet. Nate thinks I should try a sand-through technique. He likes the idea of painting the dresser black and then distressing it. I've thought about mimicking the look of an age old dresser by painting it a sunny yellow and then a distressed white or blue and then sanding it to show the layers of paint. The problem is, I'm just not an educated DIY girl and I think I'm in way over my head. Any suggestions or methods are WELCOME since I'm anxious to get this project done so we can put our clothes away.
One thing I'm sure about is that I want to pick up some charming hardware from Anthropologie. At $6 a knob I should be able to get just the right detail for all 8 drawers.