Minwax wood hardener or similar may be what you're looking for; I've used it to save old dry-rotted wood on furniture before. Be warned, it can sometimes give the wood a "plasticky" appearance. Test it on a small, inconspicuous area or piece of similar scrap wood first so you can evaluate the end result.
I have not had occasion to use Pentacryl before, but if Frank is recommending I would trust him, he knows his stuff.
I've heard of people using boiled linseed oil as a preservative, but I have not tried that myself either. Sometimes it looks good, sometimes not.
If you want to bleach the deadwood further, I don't know how that would interact with a sealer/preservative that is already applied. Presumably you'd want to bleach first, then seal. I've used oxalic acid to bleach wood before but I would advise extreme caution when using it around live plants.