I would think that straight parrafin would be challenging to apply. I personally use AnchorSeal from UCCoatings for sealing logs. It's a bit pricier that the stuff at the Woodcraft site, but it has a very strong following with the home sawyers. I know some fellows who just use scrap latex paint on the ends of logs. As bad as cherry is/as expensive as cherry is, I would use a commercial product for it.
I see it's been a couple weeks since you posted your question. If you haven't sealed the ends of cherry logs this time of the year, you may have already started getting noticeable checking and end defecting. Cherry is notorious for being unforgiving at this point. Turning blocks will be worse if they aren't sealed IMHO.
Drying crotch is a hit and miss affair for me. Dry it slow, flat and stickered properly with weight to secure it. Seal the end grain and good luck with it.
Air drying wood for a year prior to kiln drying is a function of cost efficiencies in my mind.
More valuable species, like cherry and walnut go into the kiln as fast as we can possibly get them there. While doing that raises the cost of the drying process, I feel that it gives more control of the drying process, hence better quality of the end product and thus, to us anyway, is more economical in the long view.
Good luck both with the drying and crafting from wood that you harvested yourself. That's always an especially good feeling.
Chris