I changed wood planks to composite planks after 12 years - wood just rots eventually in my almost permanently damp environment.
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The problem with composite is that it is not as strong as wood, and you will need to brace it at shorter intervals. My bench is treated 2x4 and 8' long, I have 2 posts that are 6' apart. If I was changing it to composite I would have to brace it every 12-16" for it to not sag. My deck is composite, we have 12 on center bracing through it and I still feel it give when I walk on it. I think somebody here did some work on composite as well and experienced the same thing.
As far as getting the green out of treated wood, a bleach cleaner will work, after that you will need to let it dry completely and seal it. Tung oil, linseed oil, any solvent/oil based sealer will work. Water sealers suck, as they tend to deposit the polymers on top of the wood, while the oils/solvents absorb into the wood and last longer.