My father-in-law uses this neat little tool. It looks like a small peice of PVC pipe (approx 12in) with a hole cut the size of an arrow in one of the end caps. Inside is a sponge material that also has a hole the size: a bit smaller than the arrow in it. The sponge then is wet (not saturated) with liquid silicone (should be able to buy it at any hardware store). Check between brands, but most good silicone should be virtually scentless if you were going to use the same arrows for hunting.

You then insert the field point tip of the arrow in the hole at the one end, thus coating the tip and part of the shaft in a very thin layer of silicone. One coat should last you for about 4 or so shots per arrow.

The arrows are sooooooooo easy to pull out after the initial coating.

Also, invest in a nice Arrow puller.

This seems to work quite well for him. Try it out.