Krylon enamel satin finish. I spray it on. I apply it sparingly and use 2 coats. each coat dries in about 15 minutes. For me getting the white on there is so much easier. I measure how much from the nock end I want to paint and then mask them with blue painters masking tape. Easy.
EDIT: Fran when you asked about masking I thought you were talking about for the bands, you know, taping bands on and then spraying and then pulling the tape off to expose a band. I guess what you were talking about is just what I do.