Hickory is really not a great material for a chisel handle. There are different kinds of strength. Hickory has good tension strength, but tension isn't the typical failure mode for chisel handles. Chisel handles split across the grain. Birch is better. Last I looked, Beech was slightly better than oak or hickory. Maple is also a good choice, but it's not as shock resistant as beech.
The rings at the end of a chisel handle are there to resist splitting exactly as I have described above. The problem with these rings is that the wood shrinks, the rings get loose, and they cease to perform their function. (that doesn't mean the handle instantly self destructs, however). There are ways to make these work. You can taper the handle. This works better when the ring is tapered. I've seen old rings like this.
My advice is to make the top of the handle slightly rounded. I also think its a smart idea to make the butt end fairly large. I think the chisel handles in the Seaton chest are the best I've even seen or used.
I wouldn't turn my nose up at a nicely shaped polystyrene handle. You could turn a block of this on a wood lathe. Might be worth your effort. My chief objection to plastic chisel handles is that they are often poorly shaped (tho Marples aren't bad) and permanently attached to the chisel.
Adam