Etex is a two part. I've used about all clear coates mentioned so far in this thread, plus some others. There are several posting here that has many years of experience and are giving you good answers. I used D2T for years, but it has issues with some lures I make. To me it's a hassle to use, similar to Etex...IMO.
I just started using DN and KBS (months). I thin mine less then most I think. I have no problems with either, even when I fish shallow mountain rivers. I tested each coating in the driveway off of rocks, asphalt and toothy hammers (framing). Each did fine but not as well D2T. I'm still using the two and I'm ok with the fishing life time right now.
I wonder how long did y'all let the bait set between painting and clear coating? I also wonder what type of sealer was used if the bait was wooden? These questions are for the chipping off of the clear coatings.
@ Reallison, remember D2T is a heavy clear coat. The weight even thinned will build up and change the action of the bait. If enough is applied any of them will do this. What I go by for paints and coatings, "keep layers as light as possible". I rather put a thicker coat on then two thinner coats, if the two would weigh more then the one, which is normal I believe.
JMHO Take care,
Dale