You might want to try a product called Polyall 2000. Just Google the name to get the website of the manufacturer. I have used minwax wood hardener in the past. Sometimes you get great results, sometimes you don't. The Polyall 2000 gives you great results each time. However there are two downsides. First it is a two part product that costs about $80. Second, when you mix it, the chemicals create an exothermic reaction (gives off heat). So, you have to work fast, unless you keep the mixture quite cool (keep the container you mix it in bathed in some ice). Now, the upside is that it goes into the punky wood right away and hardens the wood almost immediately. You can turn the blank after 10 minutes. Once you begin to turn the piece, you turn away the surface that was darkend and reveal all that beautiful spalting in its natural state. After you complete the project, you can use any finish that you like. I have used shellac, lacquer, polyurathane and danish oil (not on the same piece) with no problem. Just remember that the wood must be completely dry for the compound to work. I think that, if you try it, you will really like it. Good luck,
Matt