To control the bleed I simply turn until I am at the desired shape and then use a skew sideways (a la scraper) to get as good a finish as possible. Then with the lathe off I blot the surface lightly with a tack cloth to get any dust off (I have heard that some use compressed air, I have not tried that but a tack cloth is a lot less noisy then my air compressor). I have a tendency to want to wipe the blank with my hand and you must resist that because it just moves the dust around. Then I hit the holly with thin CA trying not to let it run around the blank, the goal is to have CA on just the top holly strip. Holly is far less dense then the ebony so it will soak in and seal it. Once all 4 strips have been CA'd then I CA the whole thing and then sand it flush again. Keep using the tack cloth after sanding because if you sand through the CA on the ebony you will have black dust everywhere. Once things are smooth again and clean I use medium CA to build a finish, along with some thin to fill in the ridges left by the medium.
Hope that helps