Cast iron seasoning

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.

http://www.smokingmeatforums.com/t/137622/the-ultimate-way-to-season-cast-iron-flaxseed-oil

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.

As a follow up.  Do not use canola for "seasoning" of cast iron.   You can use it for frying and cooking after the pan is properly seasoned with flax seed oil.  I would still lightly touch up with flax seed oil after washing/cleaning the cast iron no matter what oil I used to cook or fry with.

Flax seed oil is not really made for cooking in, but it is perfect for forming that non-stick hard carbon seasoning coat.

You're on the right track inkjunkie. Be sure to take pics and start a thread to let us know how it went! good luck!