You could definitely use poly rather than the nitro, the big F does! The nitro would take longer to build a perfect surface since the poly has a bunch more solids in it. The nitro finish is, in some circles, considered the premier guitar finish because of it's thin, hard, and tone friendly characteristics but I'm of the opinion that solid bodies don't benefit from nitro as much as a hollow or chambered instrument.
Some of the stuff in the hardware stores is good and some of it's junk. I use Minwax stains for coloring but recently I'm really into polymerized tung oil or Tru-Oil as a top finish. Aside from ease of use (damn near idiot proof - good thing), it makes about as rich and beautiful a finish as you can imagine. I've seen some guys that have taken it to a level of super high gloss and it's incredible. Your ash body (perhaps stained) would take on a very nice aura if you were to do an oil finish. It's just going to boil down to a personal preference. But if you want everyone to gasp when you pull your axe from it's case then go with the oil top coats.
Trust Me!
