I used Zinsser on over 1500 sq ft of ceiling. I did a "slatted" ceiling using v-groove pine with lots of knots. I did two coats of Zinsser followed by two coats of latex ceiling white. Very smooth finish as the knots where filled with the heavier ceiling paint. Three years now and still no bleeding. I would suggest that you paint before you install. The Zinsser is VERY thin and will fly off the brush with the slightest flick. If this happens, clean up quickly - this stuff dries in less than 15 minutes, You need something like methyl hydrate for cleaining.
Also, make sure that you buy the Zinsser in the RED and WHITE can. They sell another primer product in a Blue and White can but this will not do the trick.