I've done two builds using a small can of brush-on oil-based polyurethane Minwax, both using DTFB: an FT Flyer and, just a couple days ago, a Versa Wing. For each build, I first built the plane. Then I brushed Minwax onto about 1/4 of the plane at a time. As I finished brushing each zone, I wiped the remaining Minwax off that zone with paper towels.
For the FT Flyer, I let it sit for a day before I used a few light coats of Rustoleum spray paint. For the Versa Wing, I only let it sit for an hour or so before I gave it paint. In both cases the paint held up nicely. The Versa Wing has one chipped spot on the leading edge where the paint adhered better to the blue painter's masking tape I used in my two-tone paint job than it did to the packing tape used in the build, but it's small. I think the Minwax coat probably helped give the packing tape enough tooth to let it accept paint more readily (though Minwax wants to slide right off packing tape as well).
I haven't put the Versa Wing into the air yet, but the Flyer has been through multiple crashes across a couple flying sessions in deep snow (and, in one case, a beautiful landing with its tail sitting square in a drainage ditch full of snowmelt). There were zero water issues. Worked exactly as advertised. It also lent an extra iota of strength to the plane, it seemed. The paint held fast; the foam gave up before the paint did.
Biggest lesson: buy a cheap pack of foam brushes at a craft store or Walmart. Bristled brushes never quite recover from Minwax, no matter how you clean them, and not only are foam brushes cheaper, they also can be washed out enough to go for multiple uses.
Second biggest lesson: wear gloves. Minwax sticks to your hands for a couple days and makes them unpleasantly tacky, even if you're using decent soap to wash your hands.
And definitely make sure to follow the ventilation recommendations on both Minwax and paint. Minwax in particular will continue off-gassing for a day or two after it's been applied, so if you can shelter it safely somewhere with good exterior airflow, by all means do so.