It won't drip off. The amount of finish left on the shaft after the gasket is too little, too thick, and dries too fast.
I've done something like what you propose when I'm trying some new art on just one shaft. I dip once, wave in the air for a couple seconds, dip again, wave, dip, wave, dip. I haven't noticed anything bad happening to the finish done in that manner.
However, I will say that I normally do all the first dip on all the arrows, then the second on all the arrows, etc. I haven't tried the dip, dip, dip method enough to give a solid for sure, can't go wrong, answer.
Guy