My 1964 Martin Model A mandolin has a wooden nut. It's ebony. It works very nicely. I guess ebony would be OK on a guitar, except it would probably chip after a period of time.
The mandolin hasn't chipped yet, but the string grooves are not very deep and I seldom change strings.
I would prefer a bone nut and saddle on a guitar, for durtability if not for sound. There is no advantage to a wooden nut or saddle.
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