Cutting the wood slightly oversize like 1" for pen blanks is most recommended as regardless of what type of drying process you will use, they will shrink and buckle a little...!
The smaller the pieces you cut, the quickest it will dry, normally. Air dry is the most used method, but stacking thew wood in layers and with separators in between, as explained above, (I call them the drying towers), you can strap the bundle together to that it helps the wood to move too much and also keeps things together nicely, making moving it around a easy task and voiding those "oops" bumped the damn thing and now I have blanks on the floor and everywhere, type situation...!
You can successfully dry green pen blanks in the microwave if you follow the simple principle that 1 minute bursts are the maximum the wood will accept before it starts burning. As advise above, this method require a little patience, as it will require a fair number of bursts before it is ready/safe to turn. Weighing the blank or 1 blank or various blanks are getting microwaved, at the start, is one of the best and easier ways to control the drying process.
Let the blanks to cool down a little in between bursts, by opening the microwave door and waiting a few minutes, this will become more important as the wood gets drier, as soon as most of the moisture is out, the wood will burn quite easily to the point that I would suggest, not knowing what microwave power you have, start with the 1 minute bursts, right up to the fourth time, after that and to be completely safe, reduce the time to 30 seconds bursts, this may take a little longer but it will give you nicely and properly dried blanks in the end...!
Air dry rule is, 1 year for every 2" wood thickness, this can change considerably depending on the type of wood and the drying conditions you have...! waxing/painting/sealing the green wood's ends (end-grain) either logs or sliced up blanks, is also suggested to minimize the cracking as the wood dries...!
Good luck
Cheer
George