I know this is an old post, but I'll reply in case someone is interested.
Seems like one my Dad made & stained, he used common tung (linseed) oil to finish it, 5 coats, to help weatherize wood containers, but I've never tried it myself. He believed tung oil was the miracle wood treatment.
I did refinish a dining room table years ago with 8 coats of tung oil on the top surface only, to protect from water marks. Water always beaded up on that table for easy wipe off and never got a water circle on it in the 10 years we were there, but I sold the table when we moved up to Central TX.
I honestly don't know how it would work in a full-outdoors setting. Your acrylic paint, double coated, might be just as easy and do as well as tung oil. Dad's container was on his back patio edge, so it only got minimal rain, just when the wind was coming in on that side. But it always looked pretty nice as I recall.