No, the best thing to do is get enough clear Awl Grip (do NOT use Awl Bright) or Alex Seal polyurethane to coat it 5 times, and enough Epifanes varnish to put on 9-12 coats. Put on 2 coats of the urethane to seal the wood and keep it from allowing the varnish to lose hydrocarbons into it and keep oxygen sealed from the varnish for that side, put on the Epifanes for US protection (you get about a years worth for the first 4 coats and about 2 years for each coat after, then seal over the varnish with 3 coats of the polyurethane to put a hard, slick high gloss finish that protects the varnish from oxidation, drying out, and physical damage. Be sure to use the brushing reducers (unless it's cold, then you are better off with the spray reducer) and a good badger brush, Corona makes good ones at a reasonable price. Always apply in one direction, then back tip it with another brush the is just damp with the proper reducer/thinner. Put on 7 of the coats of varnish before you even touch with sand paper, then get one of t he long sanding blocks and a roll of 220 and a roll of 320 wet/dry and make it 70% flat and smooth, put on the rest of the varnish and wet sand with 320 to 90% smooth. Now put the 3 coats of polyurethane over that using the same brushing technique but no sanding. You will end up with a deep rich glass surface rail highly resistant to damage and sealed from the elements which will stay that way for 10 years and make people go "Oooo ooh".
One note of caution regarding cap rails on top of bulwarks, never caulk the bottom edge, if it's caulked, strip it out because moisture will get in there and be trapped, and especially on a Freshwater boat, begin to rot which will lift the whole conglomerate into a blister.