I don't think paint thinner is strong enough. I would wash it down with acetone. You may not ever get it to quit ozzing pitch but the best finish to use is shellac. In the old days when a lot of people used knotty pine paneling the painters would seal the knots with shellac before finishing the wall with varnish. If you don't want shellac as the final finish you can first seal the wood with Zinsser Sealcoat and then apply another finish over the top. Sealcoat is a de-waxed shellac and is compatable with lacquer, water based lacquer, water and oil based polyurethane, varnish and urethanes.