Look in the Make a Stovebolt Bed section for a great deal of information about bed wood species and suitable coatings. There is a wealth of information on the subject.
The original bed wood from the factory was southern yellow pine with a dull black coating. Old-growth lumber was much more plentiful and superior, to the southern yellow pine being sold today, due to the reforestation and use of younger trees during manufacture. White oak is better than red oak for exterior use and exposure, due to the tighter wood grain.
Check in the Build a Stovebolt Bed for additional information. Good luck with your project.
Tony