Will, you may know all this stuff, but I want to reinforce it for those who don't.
One of the most important lessons from H.S. chem lab was that you MUST add strong bases, like lye, to water and never add water to the lye. The reason is that if you add a little water to a bit of lye, you have an extraordinarily strong caustic solution. If your recipe calls for taking dry lye and combining with water, be EXTREMELY careful to do it in the proper sequence. If you don't have to mix lye and water with your recipe, you still must be extremely careful when combining your two ingredients. It's not enough to have the right amount of each one. Some people get around this potential problem by applying one of the ingredients to the wood, and then apply the other to the wood.
Someone's mention of protective eyewear is very important, too. Eyes can neutralize a mild acid if it gets in the eye, but it cannot handle even a little lye. This is one reason you don't see Drano crystals in every grocery store anymore. Lye can cost you your sight and the only treatment is a cornea transplant.