Noooooooo!!!!! DO NOT USE CANOLA OIL on cast iron.
Yes, I would strip the Lodge factory "seasoning" or at least augment it with a proper seasoning with flax seed oil. This is the proper oil to season with and to lightly re-coat a cast iron pan/pot with between cooks. The initial seasoning is somewhat lengthy to do right, but it will reward you in the long run. Done right, cast iron is as non-stick as the best ceramic or teflon and can even be used to fry eggs without sticking. Yes, I would also season the lids to protect them, but you may not want to put as many coats on them.
Here is a thread on the ultimate and correct way to season cast iron.
Some grocery stores will have flax seed oil in the health food area and it is usually refrigerated. If your local grocery does not have it try a vitamin shop or health food store. Again it will likely be refrigerated. One bottle will last dang near forever unless you have a ton of cast iron.