OK guys, if you really want help on this subject, you need to go to the trad forum and ask these types of questions; those guys are the masters at turning out incredibly beautiful arrows! (I was building a home-made cresting machine and needing some advice/instructions, and those guys were invaluable.)

I got a thick piece of paper and masked off the top two-thirds of my arrow shaft, like you'd imagine a bodyshop repairman would do to a car he was fixing. I then used an enamel spray can bought at Wal-Mart in brilliant white to "cap" my arrow. (I tried dipping -- even bought a dip tube -- but, was just as happy with the results from spraying, and it's a whole lot easier.)

Then, I used my $11 cresting machine to apply a basic, color-coordinated crest and finished off by fletching with matching feathers. It would be real easy to get a whole lot fancier, but -- to Antler Eater's point -- I was really just looking for help in watching my arrows in flight and finding them after the fact. Sure makes it easier after you've taken a couple practice shots at a leaf before climbing down from your stand at dusk, or after a pass-thru and your arrow is covered with blood!