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The best stuff I have found to water proof dry flies is Sno-Seal Silicone Water Repellent made for boots and such.

I place my flies in it for about 5 minutes and let dry over night, floats them...

Hard As Hull is an acrylic polymer. To find out what to use to thin it I would think the best thing to to do is go to your local hardware store and ask what to use or contact the manufacture.
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I purchased a Cape from Denny this spring it is a #1 cape one of the best I have ever owned and tied with.

I tied many Light Cahills with last spring and this winter in sizes from 10 to 22 ( can't...