Has anyone used the new flex coat formula "Ultra V" and if so what do you think of it.
Has it been around long enough to know if it stays clear vs yellowing over time?

Until now I have used standard high build FC on my freshwater rods with good results.
Therefore I'm a bit relucant to change brands, just wondering if the new stuff is better
in terms of staying clear. FC regular does yellow over time.

Have not tried Threadmaster but have seen many posts on it.

One last question I use (2) thin coats of FC on all my rods, not (1) heavy. Would using FC Lite then high build work any better? I hate to admit it but I do use a lot of size D thread.

It will turn amber/yellow, as will all epoxies over time.

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Yes - you can use FC HB over Lite. But, since you have to let the FC Lite fully cure before coating with HB, you had better leave thread texture otherwise the HD will not hold.
Herb

No, not quite. Epoxies cure by a chemical process, not by evaporation. You can apply the 2nd application of any epoxy over the top of the first just as soon as the first is no longer tacky enough to grab your brush.

In fact, you don't want to wait too long between applications. Too much time means you will have 2 separate coats. Applying the 2nd within a few hours results in the two melding into each other and forming what amounts to essentially 1 coat.

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So then what is the advantage of the new formula?
None of the catalogs really spell it out, they just say it stands up to UV light better ???

This is from the Flex Coat website.

Similar to our original high build formulation but with added UV protection for use over light colored threads. It also has an extended pot life for additional working time. Great all around epoxy thread wrap finish and perfect for heavy-duty saltwater rods.