I've limited experience in drying timber but a little more in buying, maching and using it. Excuse if you know this already, but there are many people who don't.
Interesting that commercial businesses chainsaw the trees down to planks, stick them (i.e. restack the log with spacers between the planks to let air circulate) and set them to dry. Logs are easier to cut green than seasoned. Sawn timber dries much faster than a whole log.
In my own experience of thick planks (three and four inches), bought ready seasoned - these are much more likely to have shakes (splits) and stresses left in the wood than thin planks. When you saw or plane them down, they invariably warp - often so dramatically that you waste a huge proportion of the timber before you get a stable plank. So it's better to cut to near the finished size before drying than dry big pieces of timber and cut down afterward.
When converting timber, understanding grain is crucial to predicting how timber will warp - seen end on, the lines of the annual growth rings are the key. A plank will warp to try and straighten out the growth rings as it dries.
A log that is simply cut into parallel slices will give the most wide planks, but except for the few nearest the middle, they'll all want to warp to some degree. Where the growth ring can be seen as a long arc from the end, that plank will "cup" in the opposite direction once it's free to move.
Quarter sawing a tree gives narrower planks that are far less prone to cupping. These sites give the diagrams etc explaining the difference between the two basic ways to saw the log.
http://www.stuarts.net/Stuwritup/quarter/quartersawn.htm
http://www.hardwood.org/display_article.asp?ID=357
http://www.geoffswoodwork.co.uk/conversion.htm
Timber dries faster through the end grain than through the surface. To stop the ends of a plank drying out much faster than the middle - which makes the ends of the board split - seal the end grain with wax.
The very heart of a log is notriously weak and prone to splits. If I wanted a strong piece of wood for an axe handle, I think the best wood comes from a quarter sawn plank of a bigger log. I wouldn't squeeze it out of a whole small sapling.
Good luck