JCZ and Hayes,
I can't say if waterlox will work on cocobolo. Haven't tried that yet. If you want, give me a day or so and I'll give it a try on a scrap piece. I don't see why it wouldn't work though. I've always sanded my cocobolo pots to 1500 or 2000 grit until they really shine and then just hit them with a couple coats of Mylands friction polish. That works for me and is holding up well.
The first coat of Waterlox will pretty much absorb into the wood (unless it is really dense closed-grain wood), kind of like laquer does. The second coat begins the building. I've used as little as two coats and it looks just fine. I normally use 3 or 4 coats when I want a thick glossy finish. I've never buffed it...Don't have the equipment for that just yet. It is pretty thick stuff, much thicker than laquer. It normally dries in about 12-20 hours, but it can take two days per coat if it is humid. I usually bring the calls in from the shop when finishing so they dry quicker.
My favorite applicator is little pieces of foam brushes. I buy the value packs of the big ones and then cut them into 1/2" strips with scissors. Works good for me.
