If you are brushing on epoxy then you dont want to use vaseline. I would think that all it would take is one slip of the brush and get into the Vaseline and then go back and brush the bait. I think you would have a blurb or something. I just clean them off as best I can. Once it is cured, you can generally get it off without too much problem.
I thought of covering the hook rings prior to painting. Tried modeling clay, tape, Vaseline, etc. The problem was when I would do netting or stencils, some of it would transfer to that material and the next bait I did with it, guess what. Bad spot!
Maybe somebody else with more experience than me will chime in. I think it is a necessary evil.