I the early years I dipped my arrows in Automotive lacquer, crested them and then clear dipped the full length shaft in Clear Automotive lacquer and had great results! No target burn and the finish was hard a hell! I still have a few ramin wood shafts that are over 30years old that look nearly new!
These days I use Krylon Spray paint, crest with Testors Paint and then True Oil (gunstock finish) just wiped on for 4 coats and they hold up real well to target burn! Drys fast between coats too! It will give white paint a slight amber cast though it looks great on other colors.
Harry