Barry,
With wood baits it is critical that the wood be sealed before you paint, so any penetration of the top coat and paint doesn't allow water to reach the wood itself, or it will cause the wood to expand and ruin your paint job. The runny super glue will penetrate to give you a more penetrating seal to start with. I use two coats, applied by dripping it onto the bait and spreading it with my plastic-covered finger. Move fast, because that stuff likes to bond quickly. Acetone is a solvent if you err.
I would suggest a dip in Solarez as the next coat, to give you a really hard, strong, smooth surface to paint over. It is a polyester resin, and designed to expand and contract when exposed to the sun on a surfboard. Scuff it with a scotchbrite pad or 400 grit wet and dry sandpaper before you begin painting, to give your paint something to bite into.
After that, you can paint your lure and top coat it with a decoupage epoxy, like Etex, which is also designed to move with the wood's expansion and contraction.
D2T is a glue, first and foremost. The thing it is designed to do gives it limitations when we use it on wood baits.
It is designed to be strong and rigid when it fills a small void between two surfaces, not to be applied as a film over large areas.
I've found it works great on small wood cranks, but, as the bait gets bigger, the expansion and contraction of the wood gets larger and D2T will crack just from thermal expansion.
Plus it will crack if it is spread over a large surface, like the face of a swimbait, when it hits a rock, because it is so rigid it becomes brittle. Etex will dent, but not crack.
I'm no epoxy chemist, so what I know is just from my own experience.
I'm a carpenter with his brains kicked in, but I did sleep in a Motel 6 last night.