I really like the rebar/concrete analogy. It's really helpful.
Personally, I don't like the look of guide tunnels, and having them open adds another failure point if water were to get in and freeze or cause other problems.
My strategy is to use epoxy for the first coat, just enough to soak up the threads and fill in the guide tunnels. I put a thick drop at the end of the foot, use a heat gun for a couple of seconds, and the epoxy wicks to the center of the guide and fills in the tunnels. Once the rest of the threads are saturated, I run my finger over them to remove any excess. I do not thin the epoxy, as that can cause all sorts of problems down the road.
Then, I apply my finish of choice on top of that (more recently, 4-6 thinned coats of varnish).
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