I am sealing my guide wraps for the first time with Sig clear aircraft nitrate dope. Its the stuff we use to seal fabric coverings on airplanes. My questions is this... Will the nitrate sealed wraps keep their color after the epoxy? or will enough coats of dope seal the wraps well enough to eliminate the need for epoxy... Bob.

Similar products were used many years ago for rod finishes and sealers. They worked okay, but have long been surpassed on nearly all fronts by epoxies and urethanes (similar).

You'll have to test for color retention. If the color comes back up bright when it dries, then it will likely seal the color just fine. Use enough coats and yes, it will function as a thread coating. It wouldn't be my first choice for a sealer or a final coating, but if you've got your mind set on it then go right ahead. It will certainly work reasonably well.
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I finished a rod today using nitrate dope. The first coat penetrates deep and seals the wraps, the second coat provides a good base for epoxy. Excellent color retention could see no difference with other CP products. What I like is the dope dries in less than 10 minutes, what I don't like is the odor its not a product you would want to use in your home. I found nitrate dope makes a great cork sealer, one coat penetrates then after a light sanding I applied a second coat. Nitrate dope is thicker than buytrate which is commonly used as a paint...Bob.