I have got a design/installation question about a statue nose piece in my living room.. see picture below. I have a 1 step down into the living area that transitions into a wall. my question is how to run the baseboard? would I run the baseboard (.75 by 5.75 plain baseboard) first on the bottom floor, then install the t&g flush stair nose over?
If I run the baseboard under the step after I install the nosing there wouldn't be an overhang anymore and it might look funny? out would I somehow try to end the baseboard before the step? anyone have any details/pictures that would help?

thanks!