Combine seeds and black pepper in a small bowl; set aside.
Combine 1-1/2 cups flour, sugar, undissolved yeast, Italian herb seasoning and salt in a large bowl. Gradually add milk, 1/4 cup butter and water to dry ingredients; beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add egg and 1/2 cup flour; beat 2 minutes at high speed, scraping bowl occasionally. With spoon, stir in enough remaining flour to to make soft dough.
Knead on floured surface until smooth and elastic, about 6 to 8 minutes. Cover; let rest 10 minutes.
Grease 10-inch tube pan with 1 tablespoon of the melted butter. (If pan has removable bottom, line with aluminum foil before buttering.) Sprinkle 1 tablespoon seed and pepper mix in bottom of pan.
Divide dough into 30 equal pieces. Roll each into ball. Dip 15 balls in melted butter; place in pan. Sprinkle with 1 tablespoon seed and pepper mix. Dip remaining balls in butter; place in pan, making second layer. Sprinkle with remaining seed and pepper mix. Cover tightly with plastic wrap; refrigerate 2 to 24 hours.*
Remove from refrigerator. Uncover and let stand 10 minutes at room temperature. Bake at 375°F for 35 minutes or until done, covering with aluminum foil during last 15 minutes to prevent overbrowning, if necessary. Cool in pan on wire rack 20 minutes. Invert and unmold onto plate; serve warm.
* Recipe Note: To bake immediately: Cover; let rise in warm, draft-free place until doubled in size, about 30 minutes. Bake as directed.