welcome to the UNDERGROUND... you poor sole start by getting a basic set of colors and go from there(red,yellow,black,white,blue,green)and add a few pearls white and gold ect..you can buy createx paints or just go to the local hobbie shop /wal-mart and buy some craft paint like folk art or something like it as its a watter base paint and is easy to thin(look up thinning paint on here for how we do it) as for sealing the wood yes it will have to be sealed with a wood sealer or epoxy so when you paint it and heat set the paint you don't get air bubbles coming out of the wood and wrecking the great paint job you just spent 3 hours on.I prep my bait by a good cleaning in hot water to get any oils /release agent off the baits so i don't get fisheyes in the paint as for sealer on the alumilite krilon spray paint for plastic is what alot of guys use? hope this helps
john aka crankpaint