I have used this product before in the past, before I learned how to use epoxy. I'm cant remember if it was oil or water based because I don't have the can anymore. Dipping the lures was a breeze, and it self leveled well. There is a difference when using this on wood and plastic. Plastic is smoother so when dipped it runs off in a thinner coat than a wooden lure. The wood even when sanded and sealed would be rougher and would hold to the lure more ,thus creating a slightly thicker coat. It still was easy to use, leveled out well, no bubbles, and held up well. The cons I had were the cure time, my lures smelled like this stuff for days, and yellowing problems on white paint. Also on foiled lures it turned silver/chrome into amber. I also get more of a high gloss finish with epoxy. But after looking at your stuff it seems like you got something figured out.