This sounds promising. Perhaps I will try this first in a small section. Especially since you seem to have had the exact experience I have had and ended your "saga" with success. Although the only thing I have right now is the mixture of 2 parts mineral spirits to 1 part dye that was prepared in the preval sprayer.
At this juncture...my biggest recommendation is to find a wrecked piece of cladding and use it as "practice". Perhaps someone can sawzall up some 1 foot sections and sell them cheap cheap to those wishing to try this process out...just a thought.