Dry enough to handle in 1.5 hours at 85 degrees. Dust-free in not much longer than lacquer on a cold day. I like the color and luster. Dries orders of magnitude faster than P&L 38 with about the same luster and color.
Sand to 220 cherry and 180 walnut. One coat gloss. sand at 400, Top coat of 1 part satin and 3 parts gloss. Sprayed with a 3 parts varnish and 1 part naptha dilution. Result glass smooth.
Waterlox must have a pile of catalyst in the formulation to cure this fast. Cans inerted with nitrogen after use.
The nitrogen should help. If you have a gallon can you could hedge your bets with smaller jars + nitrogen, its a real bummer when a big can turns to jelly on you. Keeps well in large jars full right up too, but probably your nitrogen bottle will take care of it.
CO2 works well too, I tried an experiment using CO2 and found that it only collapsed the can slightly as the finish absorbed it - nothing like the problem you described with propane. A 1 gallon solvent can (rectangular) filled 1/3 with linseed oil the rest CO2 shrunk only about as much as a 5k feet elevation change (I do those all the time).
I started using Waterlox back in the 60s, when it was called "Transparent" and was first formulated to seal slate and masonry. They've gone through several formula changes over the years, most recently for VOC compliance, but it's still the best handling wiping varnish IMO, although the strong amber color can be too much for very light woods. Sadly, they've priced themselves out of my range, but I'm a cheapskate.
The one thing I learned about Waterlox is that it is not good for work surfaces because it doesn't have much abrasion resistance. I found this out the hard way on a dining room commission back in the 80s. Nowadays, on counters and tabletops, I brush on three thinned coats of Helmsman spar urethane (two gloss and one semi-gloss) for a more durable surface.
Back in the old days, we stored unused Waterlox in baby-food jars filled to the brim. I actually found one of those hiding in my finishing cabinet that was still perfect after at least 20 years.
I've just started experimenting with plastic water bottles, not the re-usable ones but the ones that you get in the case of 24 or whatever. The advantage of these is that you can easily crumple them to get all the air out and they are cheap.
