David -

for reference i just finished varnishing a pygmy coho. a quart of unthinned captains varnish gave me 3 coats on the hull, and 4 coats on the deck, with a little left over for touch up until the next major recoat.

i used rob mack's method which uses sponge brushes...no runs, sags, or missed spots. he's posted it a few times...search for it.

good luck!

skip