Most of my MA and the ones you see on the site have been "Dipped". I have always had a problems with shades and washes, but this stuff is really amazing. Paint the basic colors and some highlights, let it dry and slop this stuff on. As it is drying, I take a brush and get rid of pooling Minwax. Then I dull coat the whole thing when it's dry.
I don't know about protecting, but it sure looks good. I'll try to find the old tutorial I read. It might Help ya.