Neil, see the above! BUT….
Strictly speaking, anything is suitable for simply waterproofing a hull.
All our landing craft for instance have nothing more than Wilkinson's light grey undercoat on them, and they are fine. No sealer, no topcoat.
Most of my boats have nothing but undercoat underneath the paint. Lately I have been using Eezee cote simply as it is easy to use and dries quickly. Obviously the added bonus is that it is a resin and thus made for the job.
Yacht varnish is designed to stay slightly flexible to cater for movement in the wood, and if rubbing down, some time is needed for it to harden properly, 3 or 4 days minimum. Thinned out it would do if you are using more varnish as a finished coat.
Normal undercoat and household gloss on top will be fine. Polyurethane gloss is tough stuff, better than spray cans for something like a bait boat.
Ashley
Edited By ashley needham on 13/01/2020 09:34:09