Rik,
Yes that's correct. I've never actually tried, but the "subject facing" side of a circular polarizer is the linear polarizing side. As long as you have linear polarizing material directly facing the subject on both sides it should work.
(And if you rely on a camera meter reading a circular used in that orientation on top may make metering more accurate.)
Before I got the "official" microscope polarizers I used a variety of filters/films. They are not all equal when it comes to degree of extinction and neutrality of color. Even an excellent quality B+W did not provide as great an "extinction" as the Olympus ones. (Anecdotally, I have heard of some fairly inexpensive camera polarizers that supposedly worked very well.)
Never used them for polarizers myself, but Edmund has some possibly useful products in this regard:
http://www.edmundoptics.com/onlinecatal ... uctID=1912
http://www.edmundoptics.com/onlinecatal ... uctID=1558
Also, for photography I rarely fully "cross" them. If you do, you can lose the outline of the subject into the background (it all goes "black") and the "context" of the image is lost. If you are tight enough so that only the "illuminated" tissue fills the camera frame this is not an issue.