I would think this isn't a good thing to mess with during your first week of Phase 2. I wouldn't try making baked goods until you've figured out what exactly works for you on Phase 2. You might want to read the What's Your P2 Combo? thread (in the FAQ) for ideas about how people figured out what worked for them in P2. By the time you've figured out what your "combo" is, you'll know your body well enough to know whether the baked goods are to blame if you have cravings. You'll also be far enough away from Phase 1 that if you fall off the wagon as a result, you'll be able to go back to it without feeling overly deprived. That's my $0.02.
That said, I believe it's possible to make almost anything SBD-safe. However, it's tough to make certain things that rely on ingredients that aren't SBD-safe for their major flavors. It's a lot easier to make, say, a carrot cake, than it is to make shortbread (which relies on butter and white flour for it's major flavors). Pound cake falls in the latter category--like shortbread, it relies on the richness of butter and the lightness of white flour for its major flavors. That doesn't make it impossible, but be aware that you may not like the results that much.
You may want to check Cooking Light
for a good recipe. They'll take care of the fat issues, but you'll need to modify the starches and sugar. You may want to try some chickpea flour--it has an intrinsic sweetness that seems to help in these kinds of baked goods. This is also a good recipe to try using More Fiber
(a product that helps add fiber, but which seems to make WW baked goods more moist and also sweetens with stevia).