I split off most all the sapwood first, as it seems to have great effect in steering the riving and is nothing I want in a peg anyway. I wrap the whole billet, and work it whole, though working in subsections, always avoiding the pith (typically ending up with a 4 or 6 square section that I have not split at all) as it also effects the blanks around it if split through.

The Gilpin's has beautifully rendered shaved pegs. Relativly unusual for a Covered Bridge, turned being far more common.