303 is what Sunbrella recommends; however, that does not mean that other products that are similiar will not work. I use the Star Brite product and have no complaints. Since I never used 303, I have no idea if its better or worse.
Back on topic. Cleaning the Bimini top by getting it saturated with water and letting it dry may cause it to shrink a little. If your canvas was a tight as a virgin to begin with, then a little shrinkage will make it almost impossible to get all the canvas up and snapper/zippered while it's dry. You may have to get it wet and install it and let it dry while it's snapped in place. After you have it up and dry I would then water proof it.