I use a paasche air brush to apply the latest generation of water born polyurethane on all my wood pens.  The #5 needle set and 40 lbs. pressure, applied on lathe at slow speed works great with uncut material.  The poly surface dries too quick to get a good finish so I add 5% retarder.  With retarder recoating can be done every 15 to 20 minutes.  These finishes are high solid content and build quickly.  I usually shoot 3 quick coats, allow to cure over night, sand and shoot 3 more coats.  The largest drawback is the curing time.  I allow at least 3 days curing before the final buffing, the longer the better as a harder film buffs to a higher sheen.
The colour is great, no discolouration what so ever.  These new finishes do not have the bluish hue that the earlier products had.  For oily woods like rosewood I seal with Super Blond Shellac before spraying the poly.