Certainly 4195 and 5073 will sink into and bond to properly prepared and porous wood.
Just be aware that wood exposed to the sun and cold will expand and contract more than concrete. In my opinion, the coated surface probably won't flake off but it could crack. 4195 and 5073 are designed for maximum adhesion to concrete but not necessarily for flexibility.
Explain this to the customer and offer no warranty. You might want to consider using VBP's deck coating products which are more flexible.
California Concrete Restoration