The fluted parting tool works fairly well on face grain. I use it more than any of the others because of the relatively cleaner cuts.
Because of the difference in geometry, the stresses that affect shrinkage (and therefore distortion) change when sliced into planks (the fins) as opposed to bowl drying. The radial stress that causes shrinkage towards the pith is reduced somewhat. When planks are dried they tend to cup towards the pith because of lateral stress which is the reason that lumber is sticker end and weighted during drying.
So, I agree that the effect is likely to be more symmetrical, but possibly more like drying lumber than like drying bowls. In any event, I think that symmetry in the warping might be interesting enough to work in some instances. The drying procedure might need to be inverted from what is used for an end grain vessel (I.e., induce faster drying on the exterior).