Earl
Poly comes in three formulations - standard (solvent), wipe on (solvent), and waterborne.
I've used solvent-based wipe-on on a number of items - pens, styluses (styli??), coffee scoops, seam rippers, bottle stoppers, etc. It goes on quickly but the curing time is longer. I typically apply 6-8 thin (wipe-on) coats with a minimum of two hours between applications.
I've also used waterborne poly. It's OK - but for me the issue is that it is so colorless that it almost looks blue. It's ok for darker woods, but I won't use it on light colored woods.
Then there is the standard solvent-based poly. I haven't used it myself, but there was a pepper mill demonstration at Totally Turning this year who talked about his 'rotisserie' finishing process using that kind of finish. He applied the finish with a brush so that he got a very thick coat, but to keep the finish from 'running' he applied it with the lathe spinning at its slowest speed, and then continued to rotate the piece continuously until the finish set up - typically about an hour. Then, you have to let the finish dry thoroughly (minimum four hours, or better yet, overnight), sand lightly, and then reapply. He said that with this approach, he could produce a very thick, hard finish with only four coats. I tried his method using the waterborne poly and found that it does work, and once the poly has cured fully (allow several days to a week), it can be wet-sanded with micromesh and buffed using one of the commercial plastic polishes (Meguiars, etc) to produce a very high gloss.
The largest commercial market today for poly is as a floor finish - because its hard. That's also a characteristic that most people want in a pen finish. But it takes time to apply. It does produce a thick, glossy finish - but that also means that it can be 'plasticky'.
Different strokes for different folks.