Stabilizing is a process where a plastic resin material is sucked through the pores of wood under pressure. Although the plastic resin will fill the pores of the wood, it will not fill larger voids or inclusions in the wood. This makes the wood harder or more solid by giving it more of the characteristics of the solidified plastic resin.
I have turned numerous wood pots after stabilizing. As for strikers... I don't think I would trust it for one piece strikers, but would have no problem turning the top of a 2 piece striker. It would really depend on the grain orientation I guess.