Yes. Gotta clear the base wood of oils using something that cuts that well, such as Naphtha, Acetone or Alcohol. Then, you need to work quickly to apply a surface sealer before the natural oils have a chance to bleed back up to the surface. Solvent-based finishes work best, but oil-based ones will as well. You might just have an extended period before the material hardens. The furniture folks recommend something like a hard paste/wax finish as opposed to anything else, but only on items that may not be handled much. Oil and especially wax-based finishes just aren't as durable, and will require frequent maintenance to maintain appearance.
I guess if it was me, I'd clean it nice and dry, seal it, fill it, then shoot it with a lacquer color coat. Clear coats after that, and call it a love story.