I use water based poly exclusively. Tired of dealing with epoxy issues.
I looked around for a while to find something quick drying that doesn't yellow, etc. Been using the same brand now for a while, although there is more than one on the market that supposedly does the trick, I hear a lot of the muskie bait guys use water based poly as well. 2-3 coats and you're good to go, and you can get it to dry pretty quickly using heat lamps or air circulation.
I've had people fishing the same pencils down the canal all season topcoated with the stuff, and other than your normal bumps and nicks that any plug would suffer, I'd say they held up pretty good.
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