2Crows,
I w ould recommend drying and sealing the cane, anyway. That will stabilize the moisture content and help prevent any cracks from moisture changes. I make bamboo flyrods for a living and use only Tonkin Cane, so what you have may behave differently, but why chance it? You can put the pieces on a cookie sheet and put them in the oven at 325F for 10-12 minutes, then a light sealer coat of tung oil or anything similar. If you decide to varnish or Tru-Oil later, then tung would be my choice, since it won't stop a later finish from adhering. The beeswax tip for the interior was a good one. Apply it and hit it with a low heat source, like a blow dryer, and it'll soak into the pith and stop it from picking up moisture later. Also, don't be timid about flaming the cane. A propane torch is perfect for this, just keep passing the flame about 1" away from the surface till ya get a color 2 shades darker than you want, then sand or steel wool it back to the tone you want. You can either flame the cane or bake the pieces, but not both. If you see any small, black charred flakes on the surface, that's just the enamel flaking and the power fibers underneath will be just fine. And be sure to post pics of your final results, let us see how they came out.
Canerod