I don't see why not Bud. I used to do lots of things before I got a lathe.
You can effectively put a nice wax on a shaft without a lathe.
A lathe just makes certain jobs much easier.
If the Bullseye is thinned like Jer told you and you don't glob it on, I am sure you can wipe it on with a soft paper towel. Like you said, mask the ends off
and easy does it. I have always had great luck using a small foam brush for doing jobs on base boards etc. No streaks, looks like it was sprayed on.
You might consider using a foam brush as long as you squeeze any excess
out real good on the edge of your container.
Good luck, I'm sure it will turn out ok.