I make the starter, get it going, let it run until 100% complete then chill for 12-24 hours to get the yeast to settle. I then decant the spent starter wort (leaving no more than 1/4" on top of the yeast cake IF it's the final starter step) and make it up into a slurry to pitch into the oxygenated wort.
I've been making two, and three, step starters lately. Just means I plan my starters a bit further out from the brew day. This has allowed me to use some older yeast packs/vials. Some were almost a year old when I made the first starter step. Gotten the cell count up to where needed and rock solid fermentation too. Depending on how old your original yeast is, the first starter (if doing more than one step) can take 36-48 hours, or more, to finish.
I'd also advise using the calculator on the yeastcalc.com site to figure out starter sizes. IMO, it's better than Mr. Malty if you want to use older yeast and don't want to make 20L+ sized starters (Mr. Malty only has one step).