OK. While my Waterlox is curing on my present project, I've set up my spraying booth and am attempting to duplicate the color and chatoyance that Waterlox adds to Sapele, but doing it with a water-borne finish, or with a water-borne topcoat.
My first choice for water-borne (since I have some on hand, and because I think I'll need a finish that burns in) is Target Coatings EM6000. Outside of some small pinhole bubbles (which others describe also with this), it seems very easy to spray. I haven't tried to rub out any of it. That will come after >100hr cure (per their fact sheet).
By itself, even with Amber TransTint added to it to aid in the color matching, the resulting finish is very lifeless. I think I could probably approximate the color, but the depth, grain structure, and chatoyance are absent.
My next approach will be to wipe on 2 coats of Waterlox S/F, then spray on a barrier coat of dewaxed shellac (I'll experiment with Super Blonde, Amber, and Garnet Shellacs), then top coat with the EM6000 to enable easy rubbing out.
OK guys. Please chime in. What other approaches can I use to get the look I am looking for? Boiled Linseed Oil first, Tung Oil first, shellac first, different top coats, etc.
I'll start posting some pictures later of the different samples. Hopefully this will prove to be instructive to all. I'm sure it will be to me.