I second this method....also, look at buying stabilized crosscut blanks. AS has them and they are much easier than normal stock.I use the Sorby Spindlemaster. It works great.
Don't attempt to get as close to the finished dia. as you would with straight grain. I use an 80 - 150 grit gouge for that. As well, a nice coating of thin CA helps to keep the grain from pulling out near the finish line.