Time definitely. Need more of both for making lures and then fishing them.
PC, primer helps, but it is the sealer that keeps wood baits from splitting. Flex coat (and other epoxies) only protect the lure until they are compromised. Once you get that first crack in the epoxy, water will get in. Seal them (60% boiled linseed/ 40% mineral spirits mix for me), and it does not matter what happens to your clear coat, paint, primer, the wood is still protected.
apb, could you go into a bit more detail on how you're sealing your wood baits? Do you actually boil the linseed or ??? I'm guessing you're mixing it with the mineral spirits then brushing it on the baits. Or do you spray it or maybe dip the baits into a bath???
Sorry for all the questions but I think you've got some great info!