Interesting theory; not exactly sure I understand the physics you're talking about however.
Basically, if you imagine light traveling directly at you, the electric field of that light can vibrate in two different polarizations (for instance, horizontally or vertically), or it can be in a combination of the two different polarizations. In general, random light will be a random combination of the two directions.
A polarizing filter, if oriented in the horizontal direction, will block all light that oscillates in the horizontal direction. If you were to rotate the polarizer by 90 degrees, it would block all vertically polarized light.
So a polarizer will work as a 1 stop ND filter on completely randomly polarized light, it will block on average, half of the light.
Since the polarizer blocks all light that is horizontally polarized, all light that goes through the polarizer is polarized vertically. Then, the second polarizer can be oriented to block any amount of the light which you want it to. If the second polarizer is aligned the same way as the first it would let all light through, because all of the light that made it through the first is already polarized vertically. If you then rotated the second polarizer, you would see things get darker until the two polarizers were at 90 degrees to one another and then since the first polarizer only let vertical light through, the second polarizer would be oriented to only let horizontal light through, and so none would get through.
since light is a quantum system, there is a gradation between the two different polarizations, so you can get anything between half of the original light, to no light going through.
This website has a description of cross polarization:
Light and Polarization
but really, any optics book or physics book that discusses polarization will address the same thing.
If you want I can describe my comment about the circular polarizers having a limitation to 2 stops of ND, but only if you're interested, it would take a little more explanation.