This seems to be the home builders standard. Some guys'll even use this as a topcoat, although I really doubt that it will stand up as well as 2-ton epoxy or Dick Nite's lure coat.
You'll find a fairly straight forward tutorial here at tackle underground http://www.tackleunderground.com/forum/showthread.php?t=5203
as well as alittle more depth into white coats about midway through this post at the tackle workshop (look for my name and the reply to it.)http://xsorbit30.com/users5/tackleworkshop/index.php?topic=68.0.
I tried using white utensils purchased from a dollar store, even though the resulting liquid was milky white, it dried clear. I have yet tried to do it with another type of utensile.
Currently I simply use 2-3 coats of Body Shop Paint in white from plasti-kote (available almost anywhere that carries automotive parts for around $5 a can). It dries hard in a few minutes, lightly sanded between coats, usually ready for color coats in under ten minutes. Topcoated with devcon 2-ton, I've only had trouble with one bait that had a very small void in the devcon, the plasti-dip process may have avoided that.