Bob, don't know if you saw this or not, but this is out of the West Systems User Manual:
Thinning epoxy
There are epoxy-based products specifically designed to penetrate
and reinforce rotted wood. These products, basically an epoxy
thinned with solvents, do a good job of penetrating wood. But the
solvents compromise the strength and moisture barrier properties
of the epoxy.WEST SYSTEM epoxy can be thinned with solvents forgreater penetration, but not without the same compromise in
strength and moisture resistance. Acetone and lacquer thinner
have been used to thin WEST SYSTEM epoxy and duplicate these
penetrating epoxies with about the same effectiveness. If you
choose to thin the epoxy, keep in mind that the strength, especially
compressive strength, and moisture protection of the epoxy are lost
in proportion to the amount of solvent added.
That says, to me anyway, that thinning with equal parts epoxy and alcohol will reduce the durability of the epoxy coating by 50%. Would this reduction be offset by the paint and clear over the top? Since I've never tried coating with diluted epoxy, if someone could shed some light on this one, it would be greatly appreciated