I've had really good results with the gasket lacquer system. It's a nitro-cellulose based lacquer that dries pretty quick. I apply it with a standard Big Dipper dip tube that's fitted with the special cap and gasket. I generally put on two coats, let dry for about 45 minutes, polish with a 3M type abrasive pad, and then apply three more coats. After the finish dries for a half hour I can glue on nocks. Another half hour and I can begin fletching. The finish dries fast enough that I can put on coats right after one another and there's no dripping at all.

It's a bit of a specialized system but the results I get are well worth the effort.

Guy