This search adventure started with this project at esprit cabane for homemade milk stone (galalith) jewelry.
I continued my search and found this very good Instructable by Coffeebot.
I wonder....mix with casein paint for color?
What is galalith? How is it used? Some Googling led me all over the internet and I found that galalith is categorized with Bakelite for jewelry, buttons, buckles etc.
It can be sawed, sanded and polished. I'm interested more in process than anything else but this could be fun for handbag handles and hardware even if they were rough looking.
Original galalith was made using formaldehyde which is a carcinogen. These two links use vinegar.
Here is an article about Marie-Christine Pavone's galalith jewelry.