Also, should I minwax and paint before installing the electronics?
No you can minwax or paint before or after (but minwax without paint, doesn't work with hotglue as well). I'll typically install the servos and then minwax/paint. Watch Battleaxe's video on minwax, don't go crazy (be methodical, not sloppy). Yes, it will seal the plane from water to a degree. Battleaxe is very methodical, so he may have other videos that can help you. He does a very nice job with all his builds.
As far as the paint, here's what I'd do because I don't know which one is better. take a couple of pieces of scrap foam about equal size, use a piece of paper towel, dab it in minwax, wipe it on the fbs. Wait and 2 minutes, wipe them down with a paper towel. If you're in a hurry, use a fan or a hair dryer (low heat setting) and completely dry them out.
Now, spray one paint on one fb and then the other paint on the second. See which one works the best (lots of things to consider). My guess we be the R.O. but that's a guess. Going forward, get the R.O. 2X, it's even a Wally world. It's just a superior paint for fb and poster board. I've tried some other stuff, cheaper, and it's just watery. That's another thing to look at when you do this science experiment, if one of them is watery, don't use it. BTW, I understand no wanting to buy more paint, but if you haven't used them and have the receipt, you can always take them back. Battleaxe also the RO 2x, we both picked it independently. RO 2x is $4.
Again, don't rush.
ALSO; A word of caution with minwax, I 've notice it will definitely debond hot glue if it pools somewhere and isn't wiped up. The poster board/fb bond line seems to be an area to watch more than anywhere else. If it does debond, just go back and reglue it, but make sure the mixwax is completely dry. Overnight is fine.