Here is how I apply my CA Finish:
 
After turning, I sand down my piece to 320.  I apply a coat of thin CA by folding a paper napkin in thirds, holding it below the spinning pen barrel, and running a bead of thin CA glue between the napkin and the barrel.  The lathe is running at about 600 at this point.
 
I shoot the spinning barrel with Aresol CA Accelerator.  Wait for 10 seconds, then sand with 400g paper.  I repeat this process.  This prepares my barrel for the CA top coats.
 
Again using the paper napkin, I apply 3 coats of thin CA with accelerator in between.  I then apply 3-4 coats of Thick CA glue by making a bead of glue on the paper napkin that spans the width of the napkin.  Then I rub the barrel with the glue to cover it.  CA Accelerator between coats.
 
Once this is done, I hit the barrels with 320g dry to knock down any defects in the top coat.  Then 400g dry.  Then I MicroMesh wet through 12000.  I check the barrels every 2-3 MM pads to make sure I'm getting all the scratches out and that there are no defects in the finish.  If there are scratches, I back up a couple of MM pads - if there are defects, I sand out the finish and start over.  When I MM, I make sure that I'm not applying a lot of pressure to the barrels through the MM pads, I simply let it ride with about as much pressure as you would use to hit the space bar on your keyboard.
 
From there, after I have finished up to 12000, I'll pull the barrells off, check the ends for chips, and assemble.  I use paste wax on the bushings, or use delryn(sp?) bushings.  Beeswax would work fine too.
 
Good luck...