For a clean "no mar" finish with no holes in the piece then parting off is the best way. If you don't mind a screw hole you could use either a screw chuck that you make yourself or a chuck with a purpose made woodworm screw. Using that method, you can get finishing access to the knob itself with the screwed end held in the chuck on the headstock. This will give you the quickest access to finish the ball end of the knob. It would also use the least amount of wood, but you end up with a screw hole on the bottom side of course which may affect how you ultimately attach the knob the plane.
With the parting off approach you leave no holes ie its solid but of course it will be joined at both ends and you'll need to sand whatever stub is left by hand once parted since you'll not have tool access as well as above. It also will use more wood as there'll be some waste either side of the parted off finished piece.
The upside is you could do say a 12" spindle length like this and create repeat knobs down its length, perhaps 3 out of a 12" length which makes it faster. Then part them all nearly off and finish with a hacksaw or fine toothed gents saw etc and hand sand the rough.