I'd suggest purchasing the T&G ceiling lumber in a pine and staining it instead of starting with cedar.
I purchase (your pic) 116 V groove #1 pine for a lot less than the same board in cedar and it looks better because there's not many knots in it.
I like Sikkens stain, but there are many quality finishes available. The guys here can tell you some of the other MFG's names. Just steer clear
of products that the DIY stores sell cheaply.
Here's a few pic's of my pavilion by the pool, I used 116 double V groove, and a cedar color stain. It's the same board you like with an extra
groove in the center and runs vertically instead of horizontally.

See ya,
Kelly

Great pics Kelly! Really nice space.

The only issue is we already purchased the cedar T&G so we are sort of locked into that. I guess I could still use the Sikkens though and just choose a different color? My husband seems to be favoring the tung oil but it just doesn't seem dark enough..

We used Cabot's Australian Timber Oil Mahogany Flame on our screened porch cedar T&G siding & ceiling. They do make stain colors darker as well but we like the Mahogany Flame best. It gives good contrast to our IPE flooring which has TWP 116 Rustic Oak color which is a dark brown.

8 years later, how does it look and how often did you need to reapply? We are building a screen porch and putting up cedar ceiling and also cedar on two walls. Thanks for any suggestions!