i use the five minute epoxy because i want a quick set time.but this stuff is not water proof.only water resistant.but the 30 minute stuff(devcon) is water proof.the thirty minute epoxy is what i put on as a clear coat over the paint.so using the five minute stuff isn't a problem because it gets a coating of thirty minute over top of it.i use those cheapo brushes kids use for water painting.your only going to get one use out of the brush anyway.apply a very thin,uniform coat,and just hang it up to dry.it will be dry enough to touch in three to four hours.and totally cured in eight.if you don't glob it on,you won't have any runs.
i'm going to put up two links to places where you can get everything you need for building plugs.screw eyes,split rings,ect.if this is against this site's policy please forgive me,and by all means delete the links.i have no association with these companies.
www.jannsnetcraft.com and
www.staminainc.com
you can either order on line,or get a free catalog from them.
guzz