Trev, we built our masts out of 6x3 because we couldn't find any trees big enough. In fact we originally went to buy a couple of trees, but when we got to the yard, the ones that they had were all too small, so we bought the douglas fir instead. It was a pretty rough and ready wood yard, but the wood was OK and the price was right. Our masts, by the way, had scarphs in them, which we staggered. No big deal.
I think that masts are well worth covering with glass and epoxy, if you anticipate doing a lot of mile,s and this isn't necessarily easy to do with a tree trunk. However, if you are a couple of years from launching, then the wood will probably be sufficiently well-seasoned by the end of the build so that you can do the job then. Alternatively, you could make the masts and sail for a couple of years or so until they have seasoned in situ, then take them out, scrape them down, fill any shakes and do the glass/epoxy treatment then. Of course, by that time you might have decided they don't really need it.
Why would a solid, grown mast, shaped to suit, weigh more than a solid, laminated one?
Steel isn't that much lighter than wood: as your boat is about 28 tons, I don't think the weight of the spars is going to be that much of an issue, especially as with a three-masted junk rig, they won't be that long.