Sorry but
nope. The lantern's dot has a 10% chance of inflicting a head or chest wound which lower def and sur, same chance as the club only a lantern's (and firewall's) dot will tick 9 or so times over its full duration. Lantern's dot (or its stamina damage component at least) scales off of wisdom, which is easily increased by 5 with the timid personality, by 5 from equipping glasses (relatively cheap item) and by another 5 from equipping a staff (once you get to level 15 and choose to go that route).
Undead tend to have very high health and (relatively) very low stamina (except cocona's summons but after pointing this out the dev almost immediately fixed that by, in case you were worried, (quite strongly) buffing their hp) and very low sur it seems. In other words undead are
extremely flammable. A single dot will already spell the inevitable doom for the smaller unarmed skeletons even at level 1 without any extra wisdom whatsoever.
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When I use lightning magic I always have the lantern in an ex slot so that I can swap to it at any time for its ability to dodge in case I fuck up so that I can get away from a dangerous situation while avoiding damage even when slowed down (usually by my own lightning). Dodge works on anything, even lightning which is good since there's no stop on heavy lightning once it's been cast. (Holy shit... Lona can dodge lightning! How's that for just a little girl)
Also it's useful for burning the occasional zombie, except when they're in water which often happens in which case I just go and roast them with lightning for roughly 50% extra damage. (takes some positioning but you get a 3rd damage tick for free)
Btw water tiles or wet tiles (tiles that you can bathe in and sound like how walking in shoes with wet socks feels like) will immediately douse any fire dots.
All starting equipment is OP if you know how to use it", or something like that according to what the dev said to me some time ago. But what could he possibly know about this game