A good acrylic solid stain won't show tannin bleed from Cedar. The most important part is the prep. Try to get rid of as much of the old paint as possible. Stain is best used over raw unpainted wood. Do a good washing and scraping to remove everything that is loose.
The stain color can be light but it will take 2 coats in most situations. This is fine as 2 coats of solid acrylic stain is better than 1.