Epoxy as a base coat only really serves as a pore filler so that you get a gloss to your varnish faster.
Here's my protocol, worked out on many paddles:
I use an epoxy tip that is set into the end of the paddle. A fiberglass plate secures the whole thing together in the end of the paddle wood. This tip is a fair bit of work but works for me.
I varnish the entire paddle with one sealer coat of varnish. Then sand with 220. The blade receives 2 more coats of varnish, then allowed to dry for several days, then is flat sanded to 400 grit, then two flood coats of varnish.
The shaft and grip receive 2 coats of Tung oil over the varnish. I haven't found anything nicer, yet.