With all due respect I think you are over thinking this project. I would agree with Tim and go with straight grain pine and spend more time carefully milling, pre-priming all cuts, two coats of finished paint will last a long time. Typically, trim will hold up longer than say side wall shingled because it is not overly effected by moisture moving in and out of the building.
I would also suggest staying away from Windsor One and other such products as these are often "finger-jointed" which is only asking for trouble. There is a product called P-5 which is both pressure treated and primed, guaranteed not to rot ( and no finger joints). But I think PT for trim boards is a bit over the top unless the trim is close to grade.
I also realize that many believe the PVC is the way to go but I remain pretty skeptical of this material, even after using it extensively on a number of projects. With experience and careful milling, etc. you can get great results but I worry about ultraviolet rays and extreme temperatures that sometimes occur in alcoves, under soffits and in otherwise south facing areas of the building. I believe that PVC will never hold up as well as properly prepared solid wood. At lest to this point, history has proven the long lasting resiliency of wood.