Pickngrin,
I think that I do it the slowest way possible. I can get a bow ready in a day or two, completely sanded with absolutely no old finish anywhere on the bow. I hand sand about a square inch or two at a time and don't move on until all the dead finish is removed. I then take an air hose with about a 100 psi at the nozzle and blow all of the dust out of the tiny crevices. It is amazing how large the pores in the wood can look once all of the dust is blown out of them. If it is an oily wood like the rosewoods, I will seal the riser with a water based polyurethane for at least two thin coats. Sand that flat, blow it off, then start with many thin coats of oil based urethane/polyurethane. I will put a coat or two a day on for about a week then do a light wet sanding with 400 grit. Repeat the thin coats, finish and wet sanding until all of the pores are full and the finish starts to lay flat. Once you are there move to 600 grit wet or dry sandpaper and keep repeating the process until it is piano finish smooth. This will give a classic look finish very similar (only better quality) to the varnish that the bow manufacturers used in the late fifties and early sixties. Don't skip sealing the wood if it is an oily wood or you will get darker and lighter splotches, and the finish may stay tacky and not harden. For the limbs I have always used a rattle can polyurethane in gloss finish. I am experimenting with the Krylon clear enamel on the limbs as poly yellows quite badly over time. If you have a bow with white glass you don't want to put an amber finish on the glass.
I just use the Minwax gloss polyurethane in the quart cans and pour an ounce or two into a medicine bottle with a tight sealing cap. That way I don't have to open the quart can twice a day. I get a bright light above and behind me then I wipe on the finish watching the glaze. It may take me a minute to do both sides of the riser then I put the bow back in the rack and move on to something else for most of the day, coming back and putting another coat on prior to calling it quits in the evening.
This is a very long drawn out process and it is easy to get distracted and not make any progress for a long time. I have a '60 Kodiak Special that I started last fall that I finally have ready for final wet sanding. I brought it back into the house until I get to the final sanding stages on these three bows. The sandings don't have to be any long meticulous affairs while you are building finish. Just knock down the roughness a bit, blow it off, and get back to laying on more finish. Use your fingers rather than your eyes when sanding, or as I have heard it said in furniture finishing; "look with your fingers". You can feel a defect or rough spot much easier with your finger tips than you can see it with your eyes. That being said, keep your hands clean and oil free or you will be leaving fingerprints on the bows. My skin is really dry on my hands so I don't have much of a problem with printing. I don't use lotion during the day and if I eat fried chicken for lunch and thoroughly degrease my hands prior to handling a bow in the finishing stages.
Once the bow has a nice thick finish on it you can wet sand with 1000 or even 1500 grit. I have left bows with a coat of finish on them if I want a really glossy end result and I have buffed them out with rubbing compound and a buffing wheel, then put on a coat of Meguiars wax if I want a more muted glow.
If you are after the really thick, deep looking clear coat look then this method is not for you. I like both looks but think that this method results in a more authentic appearing restoration. I do intend to set up to shoot a two part epoxy clear coat in the near future as I have started work on the Super Kodiak that Wade sent me and I think that the deep clear look fits that particular bow. Good luck, and if you screw up there's always sandpaper to fix your mistakes.