If it's only primed and not sealed first then chances are it's going to waterlog and possibly split. The exceptions to this are Alaskan Yellow Cedar and Port Orford Cedar...those are very dense already because they are slow growth trees...They tend not to take water on as fast...
Preferred method? Man there's so many different ways of sealing a lure...
Problem really comes down to what you can use in your situation... solvent based stuff is nasty to work with...not recommended for home use without extreme ventilation and care.
Solvent stuff that people use and that works...Val oil, Boiled Linseed Oil/min spirits (very dangerous), Waterlox, CPES epoxy, Spar Varnish, Tung Oil(also dangerous), propionate pellets/acetone(dangerous), Minwax wood hardener(rots your insides), lacquer sanding sealer
Water based stuff has come a long way...it's not however fool proof...
Water based/less toxic stuff, Emtech em series, polyurethane, sanding sealers, epoxies
Water stuff has a tendency to raise grain, takes a long time to dry/catalyze.. But it's safer..
It's all got to work together as one part...sealer, primer, paint, topcoat. Any one of the above can have a serious effect on what the previous layers do.