I have started spray painting my crowns, and the results are great.
Start by deciding where you want your crown to start, then wrap a piece of blue painter's tape at that point, then take a scrap piece of paper and wrap it around the part of the shaft you want to protect from overspray, then apply plenty of light coats. You do not want to cover the shaft in one or two coats, instead use lots of light coats to avoid runs in the paint.
Make sure you DO NOT buy fast drying spray paint. Go back and read that again. If you buy fast drying spray paint, you will not be happy with the results. If the paint dries to fast, it will not have time to flow together for a flawless finish. I use the Rustolem paint that dries to the touch in 1-2 hours. Wait a minimum of 24 hours untill you do anything else, and if the can says wait a few days to topcoat, then do so. You are making funtional works of art here, there is no reason to rush it.
Once the paint is ready for a top coat, go ahead and do your first coat of clear, then wait a minimum of 24 hours again (are you seeing a pattern here?), then you are ready to start cresting.
You simply can not go wrong using a SpinRite Crester. You will be amazed at how awesome your arrow looks once you are done cresting it with the right crester. I know I am still amazed when I pull one off of my crester.
Then, you guessed it, wait another 24 hours then do your final 2 coats of clear finish.
I'm positive if you were to ask 20 people on here how to dip and crest arrows, you will get 20 different responses, and all of them will have the same result...A funtional piece of art...Take the pieces of each and everyones advice, and use it to suit your needs.
Good luck, and enjoy. Remember, slow down and do not rush it. You will thank yourself in the end.
Mike