Bill D - PEG does not replace the wood fibre (the fibre IS the 'wood').
It replaces the water in the cells & prevents the cells shrinking when drying thereby preventing cracking.
Needs soaking for about 3 weeks.
Coating end grain slows down moisture loss but will take at least one year per inch thickness to season.
The 'slices' would still split using end grain sealing because the heartwood would split from the sapwood due to different densities drying at different rates.
BTW - if you use PEG to prepare wood for turning, the resultant timber cuts VERY smoothly. (but finishing methods are restricted due to 'waxy'residue)