I have never used Timbermate. Hoping folks who have will chime in...
I did see this vid...which may be of some help?
If your slurry is too thin it looks like you might be able to just let it dry some before applying. It also looks like you can stain over it. I am not sure how you keep it from re-activating if your stain is water based, though. That can be a problem using a water based product over another water based product. Someone here should have experience with that thought!