I've done it both ways, had problems with bugs when I left the bark on, even after treating with insecticide. If you have the time, split into staves, then I'd take one down to heart wood, seal back and ends with shellac. It will dry much faster that way. I've never had any problems with checking doing it this way. Keep an eye on any that you leave the bark on for dust, if you see any remove the bark right away. I've learned this lesson the hard way.