I have finished a couple bows with colophony (pine resin) dissolved in gum turpentine. It does take a few weeks/months to dissolve though. A certain amount will dissolve, some will settle at the bottom of the jar as a black gooey mass. I found that it took a long time to dry too, literally weeks, but did leave a gloss finish. I have a nice big jar ready to go now.
I have done some research, and according to some sources, most notably a violin building/restoring guild, if it is mixed with linseed oil, and then "cooked" at around 170 degrees C for approximately 2 hrs it will polymerise, and most of the gum turps will evaporate making for a decent reasonably fast drying varnish. It is all in the cooking apparently. My little electric cooktop arrived in the mail this week. I am going to "cook" some this weekend in readiness for my next bow.
This is obviously a very dangerous undertaking and utmost caution should be used. I intend to cook mine out in the yard on an electric cook top, and use an infrared thermometer to measure the temperature. If it catches fire DO NOT DOWSE WITH WATER! It will explode. I would simply turn off the hotplate at the outlet 20 metres away and let it burn out.