Jim,
It works well. I've had best luck with the liquid in a can. Versions are available as a spray and a brush on. Remember it usually takes 3-4 dips to provide the thickness and protection you want. I give each dip 24 hours to cure. Probably doesn't need to be than long. It dries to the touch in a half hour and you can use the bow, just don't touch the coated tip to anything.
Another option to consider is heat shrink tubing. Find a diameter that slides over the biggest part of the tip. Slide it to the position you want. Cut the tube a half inch longer than the bow tip and apply heat gently. Hair dryer better than open flame. When it fits tight, then use a lighter to heat the excess past the bow tip. When it's hot enough to start running, push the end of the tube toward the bow. This will seal the open end of the tube.