I woke up this morning and saw this old thread revived.
I've never made or used or needed a jig. I have used the cardboard circle technique held in place with a nail or awl, then bandsawn. But better for me is to flatten both top and bottom, draw a circle with a compass or plastic circle jig, then trace over the pencil line with a sharpie pen to make it easier to seal. Cut freehand.
No need for precision but it's easy to get very close if I imagine turning the block constantly around the marked or visualized center. Good lighting, steady hands.
Since I prefer to turn dry wood, I'll seal and let the rectangular block dry for a while (year or so?) then cut away any cracks that developed, mark and cut the circle, seal again, and let it continue to dry. A blank this size might take a while, dryness checked by recording the weight.
For bowl blanks from thick slabs, air or kiln dried, I like to flatten both sides with the drum sander before rounding - makes the circle easier to see and cut AND reveals the true color and any problems in the wood. Blanks like that, ready to mount and turn, bring good prices at our club wood auctions.
JKJ