Yes, wipe on is fine or you can spray on as well. 4 ought steel wool lightly between coats, make sure they are good and dry between coats. If you want a crown, you can use some good painters tape wrapped around the shafts and spray paint on a crown color, several light coats are better than one heavy and again lightly sand with steel wool between coats. You really have everything you need, if you know the length ya want most wood shaft suppliers will add nock and point tapers for 5-6 bucks. You need nocks as well and if you use an oil based poly, which I prefer use duco to glue your feathers and nocks on. You are way ahead of me as I just use my cordless drill for a cresting machine. I also hang a small diameter rope about 10 ft long from the rafters in my basement, I than use wooden clothespins to hold my shafts while they dry and while I actually spray them, or hang them after wiping on the poly. If you do light coats you do not even have to worry about drips. Pretty easy to do and everyone has their own methods, most better than mine but I get pretty good funtional arrows and they actually look pretty good!! Not like art but than again I would not even want to shoot some of the beautiful arrows guys on here make!! Have fun and give it a go and let us know how ya make out. One last thing and sorry for the long post, a great way to start out would be to buy some seconds which are quite a bit cheaper(make them into stumpers) or even dowels(real cheap) and mess around with applying stain, paint and the sealer, you don't have to apply feathers or anything just makes great cheap practice and you will have some of the prettiest tomato stakes in the neighborhood!!(LOL)!! Enjoy! Shawn