Mike
There are a couple ways to go about this. You can treat it as lumber and find someone to dry it for you or you can treat it as a submerged artifact and soak it in PEG.This piece sounds like it's still full of sap and just as Jeff mentioned it's going to move. Eventually it will look like a pie with a piece missing. If you can see a weak side in the grain I would put a re leaf cut from the edge to the center.There is no way to keep the out side rings from cracking short of removing the inside [pith area] rings. Making it look like a wheel.I have done 2 of these in my past, both bigger than yours. I'm a little worried about the easel for two reasons, first, if the public can get at it, I'm not sure an easel is stable enough. I can't count how many roped off chairs I have fixed in museums. Next ed , By cutting groves in the back, you will be making a track of lest resistance. As the the piece dries, I am sure it will crack along these lines. I did one of each, standing up-right and one laying flat. the up-right was anchored to 1 1/4 ply with [L] shaped lag bolts along the outside edge.For about the first 5 years I had to adjust the upper bolts to allow for shrinkage. I made the plywood look like the state of Minnesota. The other was used as a coffee table and set on plywood with a single pin [ about 1"x2 1/2] set into the pith to keep it from moving.
If you decide to coat the surface, make sure you do both sides the same.
I am sure I left something out but have to get back to work. Good Luck Randy