Black Spruce, Red Pine or White Pine?

I have some 50 acres (60yrs old growth) of mostly black spruce (lots), red pine (several) and white pine (few). What would be the best kind to use for a log cabin or can one use a combination of these 3 kinds for inside/outside uses?
These trees are still standing and was told by several old wood lot owners that by shaving off the bark at one foot high and leave standing (some have said that they also poisoned the tree to reduce its weigth, when cut the following year) the tree should die off and by next fall they should be dry and ready to cut down and peel. Any one heard of this method? Would just shaving the bottom part of a tree's bark this fall kill it?
thank for your time