What is your concern with knitting it in the round? When it comes time to get to the armholes, you can just put half of it on a waste yarn and do the other half as if it were knit flat. The good part, too is that when you divide it, you can try it on.
You'll be very glad you made it in the round--no seaming and a nice, continuous pattern all the way around!
"Trust the pattern!"
Time flies like an arrow, but fruit flies like a banana.
Hop aboard while we follow the cloud-covered van of knitting harmony, man!! Woooo!! --Hedgehog
IngridKH on Ravelry