Hi Danny,
The cheese is correct, but i'll touch on a few of your questions...
#1 Look for a sanding sealer instead of conditioner, unless your staining your baits. I typically will only prime my bass baits, if your fishing for toothy critters, sealing is preferred.
#2 Spray cans are fine, many guys do great work with rattle cans, hang on to the airbrush, when your skill& patience increases, you'll be glad you have it.
#3 Epoxy is a great topcoat, searching here will turn up tons of tips on topcoats, epoxy usually requires a drying wheel, but theres other methods explained here.
#4 either, or both....sparingly.
#5 Hang onto your first baits, they will be priceless to you as time goes on.
enjoy