I dip my baits in it and store it in a large mason jar so it is easier to reseal and doesnt harden. and hang them up for a few hours. The thing I like about it is that its hard enough to add another coat after a few hours and I've never had any trouble with it bubbling. I've never really tried to abuse it although I should just to test its limits. I may start experimenting with the satin topcoats to see if I get a sort of matte finish. I am using Minwax fast-drying polyeurethane. It's meant for sealing indoor wood finishes but It seals up the baits good too!
pros: cheap, easy, cheap, different lusters available, dries quick but not too quick, easy to find (home depot, OSH , and Lowe's all have it), doesn't seem to affect action of lure,oh and its cheap lol
cons: it dries really thin so you need to apply extra coats of it to ensure longevity although I have a bait 3 years strong with only one coat of it. (my first ever made bait)