Absolutely if you want it to last for decades, be waterproof, and add impact resistance then a good boat building expoxy system is the solution. It's not cheap, and has to be mixed correctly and applied by foam roller and tipped off with a foam brush. I've built six boats using the stuff and they all still retain their hull integrity. West System is a good one but hard to find in Australia, International HT9000 resin and hardeners are resdily available from Whitworth's Marine shops, BCF outlets, etc. HT9000 is also cheaoer per litre than West System. However, working with epoxy and producing a smooth finish is not a good idea if you have no experience with two-part paints, and their surface preparation. A good novice alternative is a spray on polyurethane, but make sure it has UV inhbitors or else it will yellow and become cloudy over time - it's also pretty cheap.
My 10" carbon strut tube imaging newt was built with HT9000 epoxy. You can see how it finishes wood if you check my refractor and newt build threads in the ATM forum here.
10" imaging newt tube (in progess) here:
http://www.iceinspace.com.au/forum/a...1&d=1415688633
127mm iStar Sturt Refractor (in progress) here:
http://www.iceinspace.com.au/forum/a...1&d=1397213498