I use prop disolved in acetone to waterproof and smooth baits before painting. It's excellent at reinforcing soft wood and a number of dips give you a hard very smooth surface to paint. However, JMHO, I don't think it's as tough or gives as reliable results as epoxy or moisture cured polyurethane for final clearcoating. Maybe that's due to where I live in the humid SE . JBlaze, prop is cellulose propionate and comes in small bluish clear pellets about 1/16" dia that you disolve in acetone. A little goes a long way so it's a good cost effective product. I got mine from Swede too (thanks again!).
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Propionate is shipped in dry pellet form. It dissolves in acetone or virgin lacquer thinner to form a waterproof base for dipping and sealing soft lure woods, like Balsa and Bass Wood. Once it is dissolved, the chemical will then penetrate the wood grain and raise it after the first dip or soak, it will dry quickly between your dips. This allows you to get your painting done in less time. Once the lure wood is treated with the Propionate, it will then strengthen the soft woods enough for sanding without adding any significant weight to the lure overall. Here is a quick set of handy instructions that will explain exactly how to use this additive. Note: Always, always follow the recommended safety precautions when you are handling chemicals, including the use of protective eyewear.