I have to carry a knife with pliers (Leatherman Squirt P4) anyway because I don't have the strength/dexterity in my fingertips to deal with strap adjustments (especially when a strap end pulls almost out of the buckle with only a tiny part protruding). I use the pliers as a potlifter. This knife is 1.9 oz. If you don't otherwise need pliers, then you'd need to factor the difference in weight if you normally carry a lighter knife.
My attempts at using a bandanna ended up with lots of burned sections in the bandanna. And once the bandanna is wet (necessary to put out the fire, lol!), it's useless until it dries. Good idea to turn the stove off first! :-)
Some googling will turn up lots of ideas for homemade pot lifters. Here's one from Bill Fornshell: http://www.backpackinglight.com/cgi-bin/backpackinglight/forums/thread_display.html?forum_thread_id=2365
I once found one on a stove website (not Wings) made from aluminum strapping (the kind those of us in earthquake-prone areas use to tie down our water heaters), but I have lost the bookmark.