Honestly I use the 99 cent spray paint from wally world, my routine goes like this, I only shoot wood too.
Minwax stain and seal whatever color I choose. Let dry for 24 hrs.
Rub down with 000 steel wool, then apply 1 coat of minwax fast drying poly in clear gloss, wait 8 hours then apply a second coat. let dry for 24 hrs.
give the shafts another rub of steel wool to make sure they are nice and smooth, then I tape off however far down I want my crest to go with blue painters tape. then use the cheap paint to spray on my crest, let dry about 1 hour in between coats to avoid runs. here is a good time too to expieriment with fades,if you want.
let it dry for at least another 5-6 hours before applying two light coats of poly, otherwise you'll end up smearing your crest. you could use spy on poly here if you want.
after drying make sure your shafts are nice and smooth and dont need another rub down with the steel wool. and your ready to fletch!