and in particular the 'Building an image to run in a virtual machine' section:
I'm not certain those steps differ in substance from the cros_vm page linked above, actually (I have not yet gone through the cros_vm page in detail).
The steps I did follow (those from the general developer guide) resulted in a VM image which would launch, so it wasn't all bad. The mouse was pretty broken (it's also broken running amd64_generic from a usb flash on my Eve) and I think there was some visual stutter. But the build itself did appear to work and I could launch it in a VM.
My goal was a local build of Chrome OS, and my interest in making local modifications to Chromium was to get in a revert trying to make crostini work. It looks like that revert made it upstream now, though, so that particular need may be gone.
During my build yesterday I also hit 2 other points of confusion: I had to run build/install-build-deps.sh but it wasn't obvious that I'd also need install-build-deps-android.sh (seemingly, I did). Also, install-build-deps-android.sh seemed to succeed in installing Java 8, but complained because it failed to recognize that it had succeeded. I didn't dig into these issues.