I have done 2 top flight kits using Varathane Diamond,water based poly, its easy and has low odor,and can be recoated in as soon as 1hour without sanding between coats.

after sealing the wood with laquer sanding sealer,I then applied 4 coats of the poly over .56oz glass,then a light sanding then 2 more and its done,very light and strong,
the diamond is a furnature and floor finish and when dry its really hard and sands smooth,I didn't need any filler for the weave to get the surface smooth after the light sanding the last coats were slick.
I then painted with www.warbirdcolors.com water based paint,a great combo if you want to go with water based products,I like the clean up with water,instead of having to deal with solvents,other than the sanding sealer which stinks to high heaven,I am looking for a alternative for that one as well.

on both these kits the insignias and markings were made by Gary from www.getstencils.com very easy to use,as well as the end results were what I wanted a painted plane.

I am really pleased with the results of all the water based products, the paint is also fuel proof to 15% nitro.