Yes you can VERY easily Cerakote wood if you follow the correct procedures.
Here is picture of a Ruger Scout with a laminated wood stock that I did not just a single color but a 3 color camo on it using heat cured Cerakote (H-series).
SO even though the laminated wood was worst because of all the different types of woods and different amounts of oils in them still was able to do a job that made everyone think it was a synthetic stock.
and YES everything got Cerakoted on that rifle including the bolt, firing pin, extractor, ejector and the inside of the action up to the chamber area with standard H-Series Cerakote. The scope is heat cured Cerakote with 2 colors (caps different colors) using a special method we developed to cure the heat cured Cerakote under low temps.
Those of you asking why use heat cured Cerakote over air cured the 2 simple answers are:
1) Fully cures in 2 hours vs 5 to 7 days for air cure
2) is around 20% harder and more durable than air cured Cerakote.
Cerakote Clear (air and heat cured) also make excellent clear coats over traditional wood finishes vs urethane and hand rubbed oils. You could pour Acetone, Paint Thinner even acids over Cerakote Clear and not damage it or the wood underneath.