I think wood glue would work although it seems like overkill and more expensive than a wood sealer. If you have the latex paint I would use some of that until you can get some wood sealer. I use the rockler green wood sealer but an luck enough to have a store 5 mins away so no trouble if I run out. That said a gallon lasts quite a while.
Edgar - with your cling wrap method how long does it take to produce spalting and then how long do you dry the blanks after the spalting has formed?
I don't have a lot of data yet, but here's one example. This came from a big pecan log that laid on the ground for about a year & was starting to spalt a little. I cut off several bowl-sized pieces, wrapped them in plastic and set them aside for several months. This one was really looking nice when I checked it, so I turned it round & cut a tenon on one end then packed it in a 5-gal bucket of shavings for a few weeks.
http://www.penturners.org/forum/f45/mothers-day-present-my-wife-140335/
Some woods do spalt easier than others & pecan is one that does quite well. I have a number of other woods under wrap right now that I'll check out before long.