I don't have a sprayer and usually use oil based varnishes. I like to use film building varnishes then wet sand with progressively finer abrasives to obtain the desired sheen. I've gotten pretty good at this and results have been satisfactory. Rockhard, Pratt/Lambert 38, and Waterlox are some of my favorites.
I'd like to try water based varnishes, but have this notion that they need to applied with a sprayer to get good results. How well does it work to hand wipe/brush Target USL or Hybrivar followed by wet sanding?