RE: spraying plane with polyurethane
Waterbase polyurethane does not yellow with age, oil base polyurethane DOES YELLOW with age. The yellowing starts at about 6 - 8 months and is quite noticable on light colors.
WB Poly is fuel RESISTANT with the following caveats:
1. Let the poly dry for a MINIMUM of 7 days before exposing to glow fuel residue.
2. Do not let the exhaust residue remain on the finish for over 4 hours. After 4 hours the finish WILL soften.
I don't know what type of covering you are planing to use, however, I have not heard of ANY covering that says to coat with poly to "PREVENT WRINKLING AND/OR PEELING". I suggest using a decent quality covering such as Ultracote for a film and SolarTex for a fabric. It is suggested that SolarTex have a clear coat put on it. Solartex has a more open weave and the colored Solartex is fuel proof - the clear coat is to prevent staining of the fabric and to make cleaning easier.