Peter, no, I would suggest only removing the center 3 - 4" out of the center of each board as indicated in the revision of your drawing above (in between the black lines), that will get you more use out of the lumber.
Today's wood glue technology has made it stronger than the wood composition itself, so biscuits are not absolutely necessary, I honestly use biscuits only for alignment purposes, i.e. in this case, to make sure that the top surfaces of all of the table top boards are close to flush, this eliminates a lot of extra sanding and prep time. Use a good yellow wood glue available almost anywhere. Either a #10 or #20 biscuit is sufficient. Alternate your pipe clamps top and bottom when applying pressure, this all ensures a better end product.
White oak is a great wood, naturally resistant to rot when used outdoors due to the silica content, but yes, it can tear out when machining edges, etc.
And this is what I was referencing in terms of alternating the growth rings when laying out your table top, it ensures a flatter, more stable surface over time, this sketch would represent as if you are looking at the end grain (be sure to rip the individual boards to no more than 7-8"). Quartersawn cuts are more stable but can still be orientated as below:
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