I experimented with this several years ago this using Transtint dye. I completely charred the surface until is was uniformly black, then used a wire brush or wire wheel which removes the early wood wood more aggressively than the late wood of the growth rings. I stopped when the early wood was just slightly charred but the late wood was still nice and black and applied the dye. The dye mostly soaked into the early wood. IIRC, I did not sand it at any point. I cannot remember if I sprayed shellac or poly over it. I think that I still have the practice piece in my scrap bin somewhere.
Edit to add: I think that I used a piece of quarter sawn Doug fir with vertical grain for my experiment. This gave a really cool effect. I will have to see if I still have it laying around somewhere.
--Nathan, TX. Hire the lazy man. He may not do as much work but that's because he will find a better way.