I've got wooden tapered pegs on a couple of my sopranos. They work fine, but do require patience and finesse to get it just right. There's no doubt about it - friction pegs and geared tuners are easier to use.
Tapered pegs hold their tune very well indeed. No worries in that department. I like the look of them on older ukes. If they were fitted as standard then I leave 'em like that. If an old uke has been converted to more modern tuners, I wouldn't try to convert back again. It's not a big issue for me.
John Colter