Oil based stains are durable, but check the color before you start, some colors look better in the can than on an arrow.
Don't use lacquer on the tip end, as it gums up in some targets and is hard to pull. Same thing with clear, or color lacquers.
I do not recommend water based lacquer, because you will have a problem thinning. Most lacquer requires thinning if you are going to crown dip, otherwise it flows uneven and holds air bubbles. Solvent based lacquer retains pigments when thinned and will not loose color. Some states do not allow solvent lacquers to be sold. Use in a ventilated area. Bohning is really strong.
Duco is best with wood, feathers and stain or lacquer.
All lacquers are not the same, Bohning is good on aluminum, and glass but you need to refrain from mixing with other lacquers, enemals, stains, etc.
Don't put oil based stain under lacquer or on top.
Tape off where you want the stain to end on the front of a shaft, or stain the whole shaft. Use wraps for cresting (ugh), or use use cresting paints (oil based, enamels) over stain. Use the same product for clear.
If you are going to seal the cresting use a spray of the same brand (mini-wax, polyurethane, etc).
Buy a few hardwood dowels to experiment with, that way you can see if you like the results and product, before using it on you new shafts.
If you dip, stir the product in a can, don't beat it or shake, unless you like air bubbles in your finish. Pour slowly from the can into the dip tube, held at a slight angle so bubbles come up to the top. Wait for 15 minutes and check to see if it is free of bubbles. If your product is thin (good), bubbles will run off the full length shaft, if it is too thick (bad), they won't make it off. Buy some clips and mount them on a board to hang shafts while drying. If you screw the clips into the board too tight, it will make it harder to get the shafts to hang straight. Space about every inch. Use paper under to catch the drip, or a V metal flashing to catch the excess.
taper the shafts, if you plan on doing it and taper for the nock and points before applying finish. Sand and wipe off the dust.
Daly's Pro-fin is an oil base product and one of the best, you can't go wrong, but try it to be sure.
Good luck.