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In any case - I would go with a solid stain - it is somewhat thinner than paint - and will allow some of the texture of the wood to show through.
ICI Dulux (found at ICI Paint Stores) makes a nice product called Wood Pride. You also should be able to find Glidden Endurance at a Glidden Paint Dealer.
One other thing you might want to do - although it is a ton of work - IF you are sure that is redwood under there - you might want to strip the paint - and go with a clear semi-transparent over the raw redwood - very nice indeed!