Here's my method that I do believe I picked up on this board several years ago (for memory). It works a real treat (and avoids ALOT of hard sanding of surfaces).
1. Apply Epoxy to the surface (I use West 105/206)
2. Let it soak into the wood for approx 15-20mins or so (no hard and fast rule for me), I also use gentle heat from the hair dryer (not too hot hot though)
3. After the 15-20 mins has elapsed, I wipe the surfaces down with paper towl to remove excess resin (I change the paper frequently).
4. Leave to dry for a day.
5. Use a double edge razor blade to lightly scrape the surfaces (this will remove any high spots, bumps etc)
6. Repeat the process again (steps 1 through 6)
7. Finally I give the bit the lightest rub with 600 grit (done wet)
As I don't paint my boats with colour anymore, after I have done this process twice I apply the vinyl that I want then shoot a 2k automotive clear coat over the boat and it comes up a treat.
That's basically how I do it with my riggers
As has been stated, many have their own preference and techniques when it comes to finishing, I don't believe there is a right or wrong way to do it, it is just a matter of what works for you with the equipment/time available. Me, personally I love the look of natural timber riggers with a little spalsh of colour here and there, it allows you to see the craftsmanship that goes into building them.
Johno