If you look closely at the base of the nose ring, you can see a even line or meniscus on both sides of the ring, where the glaze ends. This is an absolute indication that the lure was not sprayed, but dipped in to the glaze finish. If it had been sprayed, the end portion of the ring would have been masked off, in which case there would be a sharp and uneven parting line (without a meniscus) of the finish on the ring, when removing the masking tape.
The glaze into which the lure was dipped, had to be very thin and free flowing to allow such even coating all over the lure. I have watched Graphite USA (GUSA) coat their rod blanks by suspending them by the tip, then pouring a proprietary rod finish coating on the tip and allowing it to flow down covering the entire rod blank with a thin uniform coating. GUSA also puts color pigments into this coating to get the many beautiful colored rods that they produce.
Trondak's U-40 Perma Gloss, is the most likely glaze/coating on the lure. It is water thin and rapidly drys to a hard shell finish. Test the surface with you finger nail and if the finish is hard, then it's Perma Gloss. If it is relatively soft, then it is a much thinned rod wrapping epoxy.
Neptune
*