Water-based Polyurethane Finish advice needed

After a day of dry time I expect to finish my newly oil-stained oak kitchen table. (Actually it's a refinishing job on a nice but not particularly valuable table). Unless someone can talk me out of it, I'm planning to use a waterbase finish, namely Minwax's Polycrylic semi-gloss. (I don't hate ambering, just wanted to give water-based a try). I've been talking so some local DIYers and between them and the instructions on the can, I'm getting some conflicting advice. I'd be thankful if anyone in the group could offer some insight...
#1. Of course I want it to look nice, but this table serves a very practical purpose as the main kitchen table and it will suffer some light abuse. Naturally, I want a durable long lasting finish and so I plan to do several coats. Minwax says 3 minimun, but what's the max number of coats I CAN do, and does a large number of coats alter the sand/recoat process in any way?
#2. Minwax states recommended time recoating is two hours, but is there a danger of waiting TOO long between coats and does doing so alter the sand/recoat process in any way?
#3. Seems the local "pros" in my area all suggest using steel wool. (00) Minwax says avoid it due to the possibility of a loose strand getting caught in the finish and causing a stain in the wood. Is that really something to be concerned about if I'm willing to wipe down the dust after sanding (with a wet rag)? Minwax suggests 220, but I know steel wool will get me a lot smoother. Will chosing one over the other make much of a difference in the final result?
Thanks for the advice. I know my questions are a little pickey.
Minwax Polycrylic Directions: http://www.minwax.com/products/protective/polycrylic-direct.cfm
Polycrylic FAQ: http://www.minwax.com/products/protective/polycrylic-faq.cfm
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I grew up with oil based stuff and the progress that's been made in waterbased made me switch, much happier with WB. Risk of rust if steel wool bit contacts water. Use synthetic wool instead according to finishing gurus. Polyu doesn't like to stick to anything including itself so needs a little tooth on the surface for adhesion. If there's no open time for recoat on the label presume scuff sanding between coats necessary. I use gloss polyu instead of satin as gloss doesn't have any flatteners to obscure the grain. Some build with gloss then put a final coat of sheen desired. Steel wool bit getting into oak WILL result in a black stain due to reaction of steel and tannins in oak. The stain can be reversed with oxalic acid but it's safer to use synthetics for abrasion. What type of stain used will drive the next step. If it was an oil stain a coat of dewaxed shellac will be needed as a barrier coat. Zinsser's Seal Coat is dewaxed shellac with a three year shelf life from date printed on the can. Didn't mean to get so wordy. If time permits look around at www.homesteadfinishing.com that has a search capability and www.refinishwizard.com, both valuable forums!
On 31 Aug 2005 21:41:38 -0700, "Mak Wilson"

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brass wool.

try rec.woodworking
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I used this on all of the oak base and door trim in the house and used steel wool between coats because the wool conforms better to the variations. I was pretty meticulous about the clean up between coats and have had no problems with discoloration, etc since then (2 yrs)

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Mak Wilson wrote:

Subject/body conflict...polycrylic isn't polyurethane.
--
dadiOH
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