I use pretty much all water based products. The only exception is sometimes I do the initial sealing with zinser shellac. My steps are as below
1. If they are getting stain it goes on first. Always water based. Next, Seal with shellac or minwax wipe on water based poly. If sealed with shellac it's three coats rubbed with 0000 steel wool between. Then three coats of poly rubbed also with 0000. If I don't use the shellac, they get four coats of poly. It's all wiped on with paper towels. Disposable and cheap!!
2. Next the crown section is taped off with masking tape and the crown wiped on with paper towels using water based acrylic paint from Hobby lobby or Wally's (99¢ to 1.69¢ with huge color selection). One or two coats depending on coverage. Then the cresting with the same type of paint.
3. Next, two or three more coats of clear poly over the entire shaft each rubbed with 0000.
4. Ready to Fletch! I use mostly full length feathers, Duco and a burner. Using water based has allowed me to do this at the kitchen table with no complaints from the spouse.... Except feather burning!
I like economy and easy clean up.
Here's a few ready to Fletch.
And after fletching.