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1st: seal entire plug with low viscosity epoxy, sometimes I reduce with acetone to help saturate. Entire plug= end grain & tapered portions esp., thru-wire hole, grommet holes, eye insets, etc. Leave slight excess on surface and let cure. (Tip: small, round, bottle-type brush good for thru-wire holes. Wife's old mascara,old wife's mascara, or in between teeth kind. Need to attach this brush to about a foot of wire. Crimp sleeves work.)
2nd: Sand thoroughly,120 to 180 grit, avoid exposing any raw wood. Dust and inspect for any remaining glossy spots. Scuff these with scotch pad. Spray don't brush 2 coats Interlux 404/414 two part epoxy primer reduced as needed with 2316 spray thinner.(available at marine supplies). Sand lightly 180 or so grit. Dust and proceed with subsequent color and clear coats. Observe good painting proceedures throughout; gloves, surface contamination etc.
The epoxy sealer virtually waterproofs the wood. I've never noticed any waterlogging even after prolonged immersion. It also hardens the surface considerably , increasing durability and extending refinish intervals.
The epoxy primer is extremely tough and 100% compatible with virtually everything out there. Oil base, water base, epoxy, urethane, 2part linear polyurethane, alkyd enamel, etc.,etc.
Obvious downside: increase expense, considerably increased time and effort. Probably impractical for large scale and/or commercial applications.
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