I *tried* to do this last time, but it smelled *really* bad in the oven and I think I overcooked it. I still saved it, and I have a ziplock of dried placenta pieces in the freezer from 5 1/2 years ago! Luckily for me I didn't have PPD, though I did feel a bit sad sometimes after our x-country family guests left and I wasn't going to have visitors for a while - we ended up moving back home with a 4 mo old and I was too busy to be depressed! That is definitely a time I would have liked to have placental support, though!
I'm thinking about paying someone to encapsulate it for me this time. I could just steam it and dehydrate it myself, but I'm nervous that I'll screw it up again.
I've heard of people chopping the raw placenta into little bits and throwing a few in a smoothie, it is supposed to cover the smell. OTOH, I remember something about chinese medicine saying it is better to cook it (steam, maybe?) before eating or dehydrating it.