the small bottle was enough for me to do 4+ bows.
i think it is best to absolutely remove ALL tool marks completely (usually more work than you think at first), and apply thin coats with your finger tip, rubbing it into the wood (don't put too much on or it will create runs).
If your house is relatively warm and dry, you can probably put the next coat on in 4-6 hours. People tend to put 8-10 coats on, lightly brushing with 000 steel wool between coats (wear a mask, don't breath the particles in).
After final coat is on, let it set for a good day or so before shooting. Some let it set for a week.