If I might chime in, I wouldn't recommend urethane either, not mineral nor water based.
I'd still recommend shellac thinned out with grain alcohol and applied lightly and the surface made smooth between coats. Shellac, being made from insects somehow just seems to look much nicer than a spar varnish or urethane.
I think using shellac gives a better looking finish, especially with a little wax to top it off.
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