The real trick is to make sure you're using compatible finishes. I've found, for example, that cheap enamel spray paint is woefully incompatible with Bohning finishes and with Testors paints. Might work better with the waterbased polyurathane finishes.
With all the incompatibility in my test case I did the following:
stain up to the line of the cresting
dip in Fletch-Laq to the line of the cresting.
Mask and spray the crown dip
Add the cresting.
Glue on the feathers.
Paste Wax like there's no tomorrow.
It *worked*, but the results weren't very satisfying even so. Which comes back to 'use compatible finishes'. There's been some good advice above on what has worked for folks and I'd listen to it.
Frankly, for the number of arrows I make in a year, it's not worth the headache to me to try and pinch pennies. I use Bohning all the way and everything always works.
Jake
(who salutes the frugal fletchers who have taken the time to do the matching.)