general finishes outdoor oil works well, has the uv inhibitors and some protective qualities. it doesnt not give the same level of protection as say spar varnish but it can be recoated much easier. I just used it last week for the first time, super easy to apply. flood the surface, wait 15 wipe off, repeat 3-4 times.
I dont know how that finish would interact with the bark. I have a feeling they would loose the bark after a few seasons. Even with uv protection the walnut will become much more tan colored with sun exposure.