I can't answer your question from direct experience with Minwax, but I suspect that it wouldn't work very well to actually stabilize the interior of your wood specimens. The process generally depends on first removing as much water and air from the interior of the wood as possible. Air drying to 5-10% followed by oven drying to bring water content down to less than 5% is followed by vacuum treatment with the wood submerged in the stabilizing resin. If there is air and/or water present in the wood fibers, the resin cannot penetrate into the deep interior of the wood. Minwax doesn't provide much info except to say that surface rot and degradation should be removed before brushing on surface layers of the product, and that it contains a mixture of some unspecified resin dissolved in methanol and acetone. If you just need to provide some surface stabilization it might be sufficient, but if you are trying to make an otherwise unturnable blank stable enough to hold together on the lathe, I doubt this will be enough.
On the other hand, you could experiment and report back. Maybe it would work. Some people do a 'stabilize as you go' approach using CA, which works on blanks with localized areas of unstable wood that can be stabilized with surface CA application as you find them during turning; this might work for you as well. Or you could send some of your cut blanks to some kind soul here who would stabilize the wood for you for little or no charge. I'm no expert on wood stabilization but I know how to do it and have the equipment, and would be willing to give it a try.