I use all water based and don't dip anything. I start with three coats of water based poly wiped on. If they will be crowned, they are masked with masking tape and the crown wiped on with hobby shop acrylic paint. If they are to be crested it is applied with the same type of acrylic paint. I use a home made cresting machine, but it can be done without by rolling the shaft along the edge of a table while chasing It with a cresting brush.
Three more coats of wipe on poly and they are ready to Fletch.