I agree with Gary on Waterlox durability claims. However, I do see a bit of an advantage in resistance to water. It seems to realy do an excellent job repelling water.
Also with the waterlox when I'm on a tight schedule I can get all 4 coats on in 2 calandar days. I'll apply coat #1 at 5am then coat #2 at 5pm (note that some species require a bit more time and I'm not sure about lyptus) then #3 at 5am then #4 at 5pm (that's what I call a 'business owner day' ... who can get an employee to work like that???
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The first 2 coats are Waterlox Origional Sealer and last 2 are Waterlox Satin Finish. Yes, you can use Origional Sealer for all 4 coats but it's pretty glossy and doesn't have as much "body" as my preferred method.
The rapid sucession of these coats is due to not needing to abbraid (screen) between coats, BUT be aware that if you have an undesirable amount of debris in the first or next coats you may choose to buff that out before the next which will add more time to the job ... so vaccuum slowly and thoroughly to avoid the NEED to abbraid.
I have discovered that even if the previous coat still has a tacky spot here and there and may be a little soft I wear my socks and apply right over it and it does well. After the final coat, I still allow a few (3 or more minimum) days of cure time before heavy traffic, and as many days as you dare allow before furniture placement.
One 'con' to the Waterlox ... very smelly .... makes me nautious. I wear a 3M respirator with a good vapor filter, especially the satin finish. The smell will hang for days.
Tung oil certaily is not considered the 'toughest' finish, but I have been pleasantly surprised by it's durability and it's depth and warmth are matchless.
You asked ..."But if I wanted to get into the house more quickly and fine tune it later, could I live with the Waterlox for a year and then coat it with the poly? Or would I have to "rejuvinate" it with more Waterlox before the poly goes on?" Yes you can, and no you don't have to. Just don't clean your floor with any wax or soap based products. Waterlox has a decent cleaner concentrate they offer designed for thier finish. I give a bottle to Waterlox customers and they always call and ask for more.
This was just my 2 cents about Waterlox and I also fully agree with what Gary has stated about samples first and his prefrence to OMU is shared by me as well.
Have Fun!!! Go for it!!!