I've used this ebonizing technique several times. It is a great way to get an ebony look.
I will add one tip that I found helps to get a finer surface finish. Because you cannot sand it after applying the solution without risking taking it back to bare wood, I usually wet the material after sanding to raise the grain and then sand it to final grit before applying the solution. This reduces the the amount of raise grain that solution causes. After after the solution is dry, I burnish it with a coarse shop towel wrapped around something hard like a wood block before applying a top finish.
--Nathan, TX. Hire the lazy man. He may not do as much work but that's because he will find a better way.