You're right multiple applications with 303 is the way to go...Have used it on the sunbrella of over 20 boats in the family.

You ya soak it on when it rains it can run off...sort of like wringing out a wash rag...it will feel dry and look dry but when it rains it will run....looks like oil on painted metal or fiberglass.
Kind of like the look of oil on water..in the right reflection of sunlight.

So yes hes right light mist and multiple coats and the stuff will bead like Fleetwax!

K.K.