Mine and rps' method differs some. I use brushes. If you let the finish work for you by leveling itself brushes are fine. Also, and I know rps knows this, if you waited 10 minutes to turn the rod when you first apply the finish you'll end up with finish on your counter. You have to watch for sags then rotate. I do half turns.
My method (everyone's is different) is as follows:
Mix finish for 2.5-3 minutes
Apply finish to the guides. First coat is thin and is basically just to soak into the thread. Usually I don't worry about getting it to overlap onto the blank on the first coat.
I move to the logo area if that rod has one. I apply finish the length of the area just as I would if it had thread not caring how even it is. Then I make length wise strokes to level it out some.
I touch up any dry areas and fill holes that are around the guide feet. You can do this on the second coat if you want. I also use this time to apply heat to areas (via alcohol lamp) that may have bubbles.
Then I let the rod sit still so the finish starts to sag. Rotate half way. Let it sag slightly again. Rotate half way again. I just do this by feel. It will level everything out nicely.
When I'm satisfied I slap it in my 9rpm flexcoat drier. Let it set at least 3 hours before applying another coat.
Now for rotating the rod by hand while applying the finish is just fine. Rest your hand on something to steady it. I use a turned over coffee mug. I have a 20rpmish rotisseri motor that I use while applying finish then move to the 9r motor for it to dry. A faster motor lets you get more even lines at the end of your finish. I've actually been aiming to buy a better setup than my home made contraption but haven't.
Anyway right or wrong this is my method. Everyone else on here does it different from me I'm sure and likely different than eachother. I've got some refining to do and things to buy but no more than I've built the last few years I don't worry about it much.
Another option to consider is to just have what you have in mind made. Spend the money you'd spend on equipment on a rod built by another builder. I've thought more than once that may have been a better solution. Though I'll add it is satisfying to see your finished product, your creativity and design, then apply it. You can create your own actions by extending or shortening blanks. That opens a new window that others won't know about unless you tell them. It allows you to really build a technique specific rod.