How Do Johnny,
Either way works, I have a jam jar full, that I use for dipping keyfobs, and small items, anything that will not fit the jar gets the brush.
Dipping is good for small items that have a wood or rope core as you can saturate the whole thing through, sealing it inside and out, you can do the same with the brush, just a little messier.
Also 2 or more thin coats will work and penetrate better than one thicker coat.
Take care,
Barry ;-)
Edit: meant to add "Less is more" don't go caking you ropework in a protective bomb proof shell, that will just detract from the work.