Well, I finished turned the bowl of the ponded alder that sat underwater for a year. I'm really happy with the stability of the wood. This was from the stump of the tree with crazy stresses, and the bowl dried with almost no cracking. It's hard to say if warping was less, since it was such a wild piece. The opposite side of this bowl has a knot running rim to foot, and there was no cracking.. I wanted to see what I could get away with, and surprisingly, I did. Unfortunately I didn't get a very good picture of that side before sending the bowl on its way. You can see the knot running the height over the bowl in the second photo, but the reflection is somewhat obscuring it.
I also ran across some new info on ponding that might suggest leaving a bowl submerged for as little as two weeks. It's from Thomas Tedgold's 1820 book, Elementary Principles of Carpentry:
On account of the time required to season timber the natural way, various methods have been tried to effect the same purpose in a shorter time. One of the best of these is to immerse the timber in water as soon as it is cut down, and after it has remained about a fortnight in water, but not more, to take it out, and dry it in an airy situation.
Evelyn directs, to "lay your boards a fortnight in water (if running the better, as at a mill-pond head) and then setting them upright in the sun and wind, so as it may pass freely through them, turning them daily; and, thus treated, even newly-sawn boards will floor far better than those of a many years dry seasoning, as they call it:" * and he adds, "I the oftener insist on this water seasoning, not only as a remedy against the worm, but for its efficacy against warping and distortions of timber, whether used within or exposed to the air."
Duhamel, who made many experiments on this important subject, states, that timber for the joiner's use is best put in water for some time, and afterwards dried; as it renders the timber less liable to warp and crack in drying; but, he adds, " where strength is required it ought not to be put in water." And he found, from numerous experiments, that timber which had remained some time in fresh water lost more of its weight in drying than that which was dried under cover; and he observed that green timber that had been steeped in water for some time was always covered with a gelatinous substance
Timber that has been cut when the tree was full of sap, and particularly when that sap is of a saccharine nature, must be materially benefited by steeping in water; because it will undoubtedly remove the greater part of the fermentable matter. Duhamel has ascertained that the sap-wood of oak is materially improved by it, being much less subject to be worm-eaten; and also that the tender woods, such as alder and the like, are less subject to the worm when water-seasoned. Beech is said to be much benefited by immersion; and green elm, according to Evelyn, if plunged four or five days in water (especially salt water) obtains an admirable seasoning.
I won't be roughing green wood for a few months, but I'll give the two week soak a try after rough turning.