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Depending on what light you choose, recessing the shallow 3-1/2" or 4" pan box may not be necessary. Drill for the romex connector, and fill the hole with silicone caulk just before you mount the box to prevent water damage to the post.
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what's wrong with a surface mount box? then all you are doing is drilling a hole through the post.
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Code says use a weatherproof junction box outdoors. Unless you are going low voltage. You could do 12v pendant lighting hung from the rafters or sconce lighting on the columns. With low voltage, you could just make a wood channel and cover the wires. There's a lot of low voltage, outdoor lighting options. Want more light, just add more lights.