I opted at first to keep everything water based. I'm working in a small space and didn't want fumes. However, I did buy both water based poly and the wipe on true poly. I did a test shaft with each... no comparison, the wipe on true poly was so much better you could see it in the pix. I then tested my water based enamel color paints for adhesion on the poly... no problem, so that's where i ended up... wipe on poly and water based latex enamel. This morning I put the first of two more coats of the poly on over the paint. Tomorrow will be nocks and points, then next week the fletching.
Check my post above for a direct link to the whole operation.