I have done that successfully, but I suspect if you were to ask Larry at RAKA, he'd tell you not to. It takes a little longer to set, as the acetone has to evaporate out first. I'm not sure it penetrates any better, maybe a little. If you are coating bare wood, and want to minimize the excess, perhaps simply letting the epoxy soak in a little, and then wiping off the excess with a rag would work as well or better. It's worth a try.

: An elementary question: can I thin epoxy with acetone for coating wood? I'm
: using Raka 127 and I would like to get an application that lays down
: smoother than straight epoxy usually does.