My mother-in-law bought me this great cast iron pot for Christmas. I love the bright red enamel and it's the perfect size for us. I didn't like the big, branded Martha Stewart handle it came with, however. I remembered seeing these knobs at the craft store and, just my luck, they fit perfectly. I already ditched the packaging but I believe they were meant as decorative ends for dowels...or something like that?!
I thought about staining it with a little Danish Oil but feared it might be too dark in comparison to the red so I just rubbed it with some Olive Oil, something I've done to finish wood surfaces for Israel's toys and it works well enough.
//update// I don't know if the wooden knob is oven safe, to answer your questions, but I don't plan on baking with it, at least not until I find out for sure if it's safe or not!