It have used paper towels to wipe on varnish, works well. For wraps, I tear off a narrow corner strip, dip the end and twirl the rod until the wrap is covered, if to much overlap, then wipe off with a dry piece of paper towel. Once the wraps have enough coats to cover the threads, I then use a larger pice of paper towel to cover two flats and rub on varnish. For varnish i have been using Ace Hardware Spar straight ou of the can. Scuff lightly between coats with 0000 steal wool. Once I'm satisfied with the vernish job, rub lightly with 0000 steal wool to knock of and dust blems, rub out with MaGuires Light Duty scratch remover compound. Then a couple of coats of Butchers Bowling Alley Wax.
Gives the rod a classic look, not high gloss glassy looking.
Pete