Use a mason jar with double layer of clear plastic wrap between the lid and the jar. You will destroy the KBS can when you open it, I swear they glue it shut... so be ready with the jar. The stuff is time sensitive as it is moisture cured, the longer its exposed to air the faster it will go. I do use paint saver in my big jar (storage) of KBS, then I do not use it in my dipping jar (tall skinny smaller jar) as I open it often to use it.
I do not thin it, its almost as thin as water to begin with. You'll want 2 coats for most lures, some guys do 3. Just dip and hang, easy as that. Do not use a lure turner or you could induce uneven curing and bubbles.
When you are buying it, be sure to buy it from a source that gets a FRESH supply. Don't buy from amazon or ebay or home depot, places like that can have it stored for years in warehouses. Buy direct from KBS if possible! This stuff is expensive, make sure you get a good can of it so it doesn't go bad a few weeks after opening. Heres a 15% off code, just click the link then the blue "visit kbs coatings" and it will add the discount to your cart... http://kbscoatings.refr.cc/Kbs15off