I've been using wipe on poly, oil based stain, Krylon spray for the cap, Whispering Winds paint for the crest.
These are oil based products, except for the WW paint, but go on easily. The poly has a slight odor but the wipe on application instead of spray or dipping minimizes it. The spray paint has a little more odor but I do it outside and hang inside to dry so it isn't bad either. Several years ago I used some water based poly and like other said it didn't hold up very well. The arrows I've made with these products have turned out great.