Not wanting to sacrifice a whole bottle for a test so I'm going to ask first.
Will permagloss work like a spar varnish and saturate the wraps and make them translucent? That is presuming we do not use CP.

if permagloss is an oil based finish it is more likely to make it translucent. water based finishes tend to act like color preservers. i have used flex coat light on silk and it definately
went transparent. looked like it was poured on. i am not sure if permagloss will go over
spar but if it will then you can warm up some tung oil based spar for the first coat then follow with permagloss. i would test this first.

It will go translucent. However, it will not darken the silk as much as an epoxy will.

Correction
Permagloss is NOT an oil based finish. The solvent in Permalgloss will usually eat spar varnishes, but you can get away with applying over SOME spar varnishes by simply applying a very thin coat, so there is not enough solvent involved to do much damage. Permagloss always changes the color of silk, sometimes for the better. Unlike nylon, the color is not always predictable. Nylon tends to take on the color of the background the thread is tied on, but silk tends to act independently depending upon the quality of the dye that colored it in the first place.
Ralph