Dunno, I wouldn't call it dressed, but perhaps that's the correct term - the 'mini corrugated' finish on the two rotten pieces, commonly seen on pine.
I believe there are two sorts of Oregon. Years ago it was a very durable timber which would stand up to weather for many years, but the oregon today is of a similar colour but a totally different timber (?Douglas Fir?). I built some external steps with the stuff & they rotted out within 3 to 4 years.
I also thought that todays treated pine was somewhat health friendlier that the old arsenic based treated pine (blue instead of green).?
I must admit when I saw 'bench', I thought 'work bench'.
For an outdoor 'bench seat' I think your redgum sleeper idea sounds good.