Ok so what's commonly available to an end user.... what works...
Unfortunately many of the good products have been removed from the market due to VOC regs.
Waterlox Marine Sealer (Varnish/drying oil) (Good stuff, very expensive)
Tung Oil cut with Mineral Spirits or Turpentine (good stuff, very expensive, drying oil)
Linseed Oil cut with Mineral Spirits or Turpentine (ok stuff, drying oil)
Minwax Spar Varnish (Satin finish) cut with Mineral Spirits or Turpentine (good stuff, drying oil/varnish)
Zinsser Bulls Eye (shellac based sanding sealer, good for quick stuff)
Interlux Clear wood sealer (Good product, drying oil/varnish)
Minwax Sanding Sealer (Yellow or Black Can) (Resin based, good with multiple dips by itself) Try to stay away from shellac based sanding sealers. Lacquer sealer is the best (black can)
Concrete Sealers (There's alot of these, some work better than others)
Wood Floor Sealers (Torgonol etc, most are varnishes/drying oils)
Shellac products ( ok for quick stuff, has a tendency to delaminate)
Bohning Supercoat (Vinyl solvent based works well)
Epoxies (many mfg, difficult to work with)
All of these products can be cut with a solvent to make them thinner. Ideally you want your sealer to be water thin or close to it...too thin and you lose too many solids, too thick and it doesn't penetrate the wood structure.
What doesn't work...things to stay away from..
Fence Products
Deck Products
CSI Sealcoat....(polyurethane) if you can make it work, tell me cuz it's supposed to be designed for fishing lures but it softens under water and turns milky.
Polyurethanes....again it tends to soften under water and turns milky white in contact with water. Any polyurethane that is cross linked will typically work but most cross linkers are really nasty chemicals like aziridine etc.
Many of the deck/fence products contain silicone. Very bad if you want to paint over it...Thompsons, Cuprinol, etc.
How long to dip...anything more than 5 minutes is a complete waste of time in my opinion. Sanding sealers can be dipped quick and hung, clean goobers etc off the bottom of the lures. On any sealer if you soak too long then you run the risk of the wood absorbing too much and causing the weight of the lure to increase...not good.
ALL need to dry sufficiently. Any drying oil based product needs to sit for at least 1 week. Sanding sealers etc are typically dry overnight or within 24 hours. Smell will tell you if it's dry or not. If it smells then it's probably not dry.. DON'T RUSH IT or you will be disappointed. In this day and age everyone wants something fast. Unfortunately there's some things that can't be rushed!
Many of these drying oil products will not give you good paint flow...I strongly recommend a thinned coat of sanding sealer over any of these products as it will give you a great flowing paint job.
What product you decide to use is purely at your own discretion. Salty's is in no way responsible to you in any way for something that goes wrong or doesn't work for you. I go out of my way typically to not recommend other products, it's just that there are so many questions about sealing lures it's getting crazy answering them all.
Here's a good pic I did a long time ago in this thread
http://www.saltwaterplugs.com/saltyforum/index.php?action=dlattach;topic=103.0;attach=148;imageThis was a lure freshly sealed I cut in half to show what good penetration is. This was Red Cedar I believe. Notice all the dark areas, those are where the end grain absorbed the sealer.
Storage is very important. Many products that are drying oils will oxidize in the can very quickly.
I highly recommend a can of Bloxygen (argon gas in a can) to keep air out of whatever product you use. Many use canning jars, pickle jars etc, sealing with saran wrap etc to keep oxygen out.
I think I've basically covered it all here, I'll keep this as a sticky and add more if I find I missed something.
Enjoy!