Im almost sheepish to mention this, but Eric Sloane mentions some interesting historical methods for eliminating or mitigating checking. Off the top of my head, a few worth noting included submerging in a cold, fast moving stream for months; burying in sawdust, painting the ends with pitch....
With white oak at least and some cedar, I have had similar success slapping on any type of tar, pitch, latex paint on the ends of the wood and this has had a tremendous benefit of slowing up checking to near non existent levels.
I would heartily agree that the "linseed slathering" is historically accurate for green furniture where cracking or checking is far more serious aesthetically and structurally and it is my understanding that the darkened timbers we often see are partly a result of years of annual oil slathering.
Another point worth mentioning is that split logs, and particularly hand hewn logs do seem to split/check far less than cut logs. Ive witnessed this first hand with my lumber. Those logs I have split lengthwise and/or hand hewn show far less tendency to split, particularly after a paint, tar, pitch, or linseed slathering.
Ive used roofing tar and basement sealant tar on the ends of my logs. A little bit goes a long way, and seals tighter than a steel drum. No issue with molding/mildew etc.
cheers
Drew