OK, here is how I do it.

First two coats, Man-O-War spar varnish thinned about 25% with artists grade turpentine. The rest of the coats, straight MOW.

I apply the varnish by using a tapestry needle. this is a standard sewing needle with a rounded point.

Coat 1: starting at the flat with the guide foot dip the needle in the varnish and let it run back into the container until you have just a drop hanging from the tip. Now, flow it onto the wrap beginning at the outside end of the foot and working back towards the open end. This allows the varnish to soak in and push the air out the open end. On the rest of the flats I flow the varnish on beginning in the middle and pushing or guiding the flow towards the outside edge of the wrap until it just touches the edge. The first coats will go on thin and saturate the thread.

Coat 2: applied about 2 hours after the first coat. No need to wait any longer than that. Same procedure as coat 1.

Coat 3: straight MOW. again applied with the needle but only after initial coats dry 24 hours. I now make sure the varnish flows over the edge slightly onto the bamboo to seal the edge of the wrap. Any excess on the bamboo is removed immediately by sliding a piece of tying floss or cotton thread across the bamboo and up against the edge of the wrap. The thread will soak up the excess neatly.

Coat 4: after 24 hours, apply same as coat 3.

At this point you have to inspect the wrap and make sure all the thread is buried. If not, another coat is required, again wait 24 hours. If it looks good, wait at least 48 hours and then flat sand the wraps with 600 grit wet or dry glued to a flat piece of wood like a tongue depressor or a pop-sickle stick. Don't sand so deep you get into the thread. The areas around the foot bump can be touched up with 0000 steel wool.

Final coat: Clean up all the sanding dust and apply one more coat like coat 4.

Each of us develops our own methods and nothing is either wrong or right. This method works for me so I pass it along. As for the turkey baster method, I have never tried it so can't help you much with that.

Good luck with your project.