Phooey. I lost my reply. Let's try again.
I've made cross-stitch stoles (on linen or linen-like fabric) for my dad (white with angels, for Easter and Christmas), my BIL (red with a burning bush and a communion-table symbol for pentacost), and my sister (green with vines (her choice) for "common time"). Each of them has had a cross at the nape of the neck (1 was very very simple, one stitched in metallic threads, and one beaded). My sister makes stoles, too ( http://www.carlsonarts.com/GA05/index.htm
). While our preferred art form hasn't been knitting, the challenge with a knit stole is that these things are supposed to hang pretty flat around your neck, plus knitting stretches.
Still, if you're set on knitting one, I'd use some interesting yarns (say a nice white paired with a sparkly white lace-weight for character - or a handpainted red yarn paired with a sparkly laceweight would be good for pentacost), knit in a pretty un-stretchy pattern that still lays flat (perhaps a moss-stitch or seed stitch), and knit as tight as you can (so it doesn't stretch out over time), and then perhaps sew on some religious symbols, either at the bottom, or at the lapel level (see #60 in my sister's collection). You can do a simple straight line, or you can shape them like my sister has. Either way they hang OK.