I use Parks wood floor finish. It comes in a gallon container, is waterbased, comes in all 4 types of finish (gloss, semi, satin or matte). I pour in dip tube and after dipping, I wait 24 hours before doing another coat. I'm in no hurry when making arrows. It's relaxin for me, shouldn't be rushed. Also the finish goes with Testors paints real nice.
Parks wood floor finish can be bought at Home Depot (other places I'm sure too) for $38 a gallon.
1st dip is nock down, and the next 2 are done point down, which gives you a little more protection on the business end and a little bit of FOC from the finish running towards the point end