I will have to disagree with your advice. Latex paint will not work to seal the ends of a log. Wax will work, as will an oil based paint, varnish, or shellac. Latex paint is made to let moisture pass through it from the inside.
The reason that wood cracks as it dries is that it isn't drying (and shrinking) at the same rate throughout. It will naturally dry around 8 times faster through the end grain than through the side grain and thusly shrink & crack more because the remainder isn't shrinking at the same rate. That's the reason that you want to seal the end grain is to slow the drying rate there so hopefully it will have more consistant shrinkage.
You will find that it is nearly impossible to dry anything in the log. I would recommend that you have it sawed soon and then stack it (1" stickers) in an unheated dry area. Seal the end grain. Keep an eye on it for 60 days. If you start seeing cracks appear, partially cover it to slow the drying. If you start seeing any mold or mildew, get more air to it. After 60 days it will be ready to be put in a dry kiln of some type. Air drying (no matter how long)won't usually get the wood below 12-14% moisture (depending on where you live) which isn't really low enough and you must artificially dry it somehow.
If you want to learn more about how wood will act/react, I would recommend reading: "All About Wood" by Dr. R. Bruce Hoadley. He gets a little scientific at times but it is the most complete referance on all woods that I have run across.
Gary