ChrisW wrote:Thank you both for the advice. Both of your trailers look great!
Andrew, I have bare plywood and thought it would be a good base coat to help seal the wood from any potential rot as I saw that a few people on here had used it. Originally, my plan was just the primer and paint, which of course would be easier. Do you (or anyone) know if there is really much benefit to using the mix under primer and paint? It will mostly be stored inside and hopefully only see rain or snow rarely (because I'm sure it will only sunny when I camp and travel with it

)
Chris,
Whether or not your plywood would benefit from extra waterproofing depends on the quality of the plywood. Many people use imported Russian Baltic Birch, which is close to void-free and manufactured with exterior WBP glue. Chinese Baltic Birch and many other cheaper (<$50/sheet) plywoods are nowhere close to void-free and not made with WBP glue. You might already know all this, so I'll abridge this lecture on plywood

If you using plywood for your exterior skin, I say: Buy the best you can find.
The main issue I see with using "the mix" is that painting over polyurethane can be difficult. Sanding/etching the polyurethane and using an exterior oil-based primer is an absolute must. Here's how I see it: If you use a high-quality primer and paint, you'll seal your plywood against the elements. Pine, which is not a rot-resistant wood, is the standard for wooden clapboard siding, and as long as it's painted, it stands up for decades.
If you want an extra layer of protection, a lot of teardroppers use CPES (Clear Penetrating Epoxy Sealer), which does a much better job guarding against rot and mildew than two or coats of thinned polyurethane. I believe it also bonds to primers much better.