Thanks everyone. The oil and diesel mixture is what I was trying to remember, but kept coming up blank when I tried to think of what others had used. My experience with the more traditional wood sealers has been rather disappointing.
I've built quite a few wood decks for clients here in East Texas, and most of them are decked in 5/4 PT wood. The first one that I did here was back in 02, which is before I bought this trailer. That deck is in great condition and there is no sign of rot or decay. The boards have shrunk a fair bit, but otherwise, with nothing added to them, it's doing fine. Why that wolmanized wood rotted out on my is sort of a mystery to me. It either has to be because it is just inferior to PT wood, or that angle iron at the end is holding moisture and allowing the end grain to rot without me being able to tell. Once the rot starts, it's all over. I thought that a metal plate at the end might help protect the wood, but don't really know if I need it or not. I only use the trailer a few times a year and mostly to pick up culverts or a lumber that's too long for my truck bed. I'm building a deck next month and will need it then, but otherwise, it just sits here for months at a time. I keep it at an angle so that water runs off of it to the rear, which just makes it worse for catching and holding water with that angle iron over the boards. Without that angle iron, I think that the water will just run off of the wood and the end grain will dry out rather quickly.
If I'm wrong, I'll post pictures and hopefully a solution to the problem. For now, I don't see a need for the angle iron, and will keep it in my scrap pile. It's painted red, so I'll know what it's for if I need a piece of angle iron.
Thanks,
Eddie