Alex,
bigtim mentioned Tom Pierce's water based poly method. You can check it out at:
http://www.tompierce.net/rcplanes/ I used this method on a TF Spit and if I may gloat a bit, pretty good for a first time glasser. I work in a small garage so dealing with fumes was a major problem for me. Using a water based system was clean, didn't stink up the house and was easy to clean up. I used .75 oz with the WB poly and painted with Warbirds Colors.