Important:

I missed something the first time around and got to thinking about it.....
T-111 is a wood composite and that may make a difference in how/what will seal it and how/if it should be used for your purpose, on a trailer. Below is a website that explains how to use the product:
http://www.fpl.fs.fed.us/documnts/rips/ ... isture.pdf
There are two areas of concern: 1) A gap of 10 mm between flashing is suggested. On a trailer, when going down a highway at even minimal speeds, moisture may be forced into that gap. Then, all bets are off. 2) With a wood composite, the glues and other such chemicals may impede proper sealing and/or absorption into the wood by certain epoxies. Improper sealing could allow for poor performance of the product, including swelling and/or rot.
Another area of concern is that wood composites can sometimes be heavier than real wood or plywood. You might want to weight equal boards of T-111 and regular wood and plywood to see if this is an issue.
To conclude, please think long and hard before you use this wood product on your trailer. Please research it well and ask all related manufacturers the important, pertinent questions. Be sure they know how you plan to use their product.
Best Wishes with whatever you decide to do.