A cylinder will work as well, or even a triangular prism (any shape that has a base/cross-section that is a regular polygon), but notice in this method you're not pushing it under water to determine its volume, you're simply lowering it until it floats by itself. Measuring volume and mass by hand have inherent instrument and human error, so the more steps and the more human, the more error
anyhow, you'd get close to the same either method, direct SG measurement is just easier IMO. There's a reason SG exists, and it's due to the ease and accuracy of the method. It's a fundamental rule of physics that applies (as Badger noted), that if an object floats in water, the percent of it's volume that is under water is exactly it's SG.
If you're using a tree stave instead of lumber, it's also difficult to cut a piece that is measurable with a ruler unless you do cut it down to dimensions. I just take a sliver of the wood that is long and has the same cross-section all along it's length. Longer pieces have less error than shorter pieces.
JW, sorry, i'm a little lazy at times
I totally agree with you on the SG issue, there are wonderful relatively low-density woods as well as high-density woods, and my experience with oak has been as you mentioned-- higher SG oak performs better than low SG oak