Huey,
I cap paint and crest all of my carbons (black and wood grain alike). I use nothing but testors brand model paints because they are easy to get near by and fairly inexpensive.
I use painters tape to mask the area of the arrow not to be painted then base coat with flat white. Then I move up on to the white after it is dry so I can crest over a white surface and spray on the color (I like Competition Orange).
After this is dry I remove the tape and crest with the model paint (thinned just a little bit). I have never done a clear coat, and have yet to have any problems.
I fletch with the fletch tape. I have found that the liquid super glue works better than the gel for the drop at the front and back of the feather.
This has worked for me, all the other advice is excellent, just figure out what you like to do.
Heres a pic of some of my arrows.
OkKeith