Muddyredneck,
I have never used that particular product it looks to be an styrene resin compound of some kind. I don't have any sort of complete information here but am going a touch by the seat of my pants styrene is a suspected carcinogen in humans although that is not full explored at this time in fact there is little hard eveidence of anything as it has not been explored at this time. So toxologically speaking it is an unknown.

This is designed for masonary right? And you plan on using it on wood right? Have you tested it to make sure it does what you want it to? I again have never used it at all. No judgement just questions and if you have the time I'd love to know how it works if you have tried it!

Personally I suggest another alternitive. Epoxy well cured (10-30 days at 20ºC) and wipped down well with full strengh vinager after then hot water chasing that (removes any animines on the surface)

A liner polyurethane paint (2 part paint) would also work well again a long dry time followed by a wash (paints in general need heat and air flow to fully cure once cured are a bonded plastic of sorts.) Hell regular high grade polyurethane will also work it is water resistant (I have used it in wooden sinks for years with no leaks but they don't hold pools of water for days just hours.

I understand the drive to use wood panels but did you give thought to plastic panels? Like PVCx expanded polyvinal sheet it is waht most commercial cages are made from it works like wood and takes mechanical fasting too I am sure you can use a wooden corner block as a connection system with some kind of a finish corner on the exterior. I also believe green is a colour option for the pvcx. Just a thought. it might be cheaper than you think. Oak corners with a matt green might look quite sharp too.

Don't worry about using pine or oak for that matter I'd likely avoid cedar but it is a poor cabnetry wood anyway. It will be sealed and the phenols would not be a problem in an encapsulated wood system like you have proposed.