Water based varnish on spalted maple

I have a lovely piece of spalted maple for a lid on a walnut box. I tested oil and oil/varnish on it and it darkens too much to work like I want.
I then tried some water based poly I had left over from a cub scout project. It didn't darken at all, nor did it raise the grain like I expected. Seems pretty good.
I always think of water based as a dilettante's product, and have never used it (except on the cub scouts trivets), but it seems to work here. Is there any reason not to use wb poly on spalted maple? Thanks.
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Wow! A "dilettante's product"? You aren't narrow minded, are you? What have you got against waterbornes?
David
toller wrote:

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to get the least coloration of the wood. Came out out very clear and looks great. See: http://tomstudwell.com/Projects/MapleEndTable/photoalbum.htm
TWS http://tomstudwell.com/allprojects.htm
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Same class as "Minwhack's" huh? :) Evidently waterbased *stuff* has come along way. Used some General Finish(es) wb stain this morning! Very nice. Just raise the grain before application.
Now you use wb and feel good about saving the environment... Unless the wood your working on knocks a Spotted Owl out'a it's nest I guess...
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