Guys you are mixing your physics here,
Watershed is a waterproofing material that stops water penetrating into fibres. It can wash off or rather out and therefore flies will eventually need some attention. It is of no use on leaders as it is not a floatant and leaders will not absord it.
Dilly Wax of course is a floatant. It adheres to materials and is lighter in density than water and therefore floats.
Mucilin and other floatants all have similar properties and don't work as well on flies as they clog up idividual fibres.
I use Watershed at the tying bench only, adding it to the seals fur or other dubbing before dressing the fly.
On the river I use gink which seems to dry faster and doesn't sink the fly when wet, I also carry an Amadou patch , a bottle of dry shake and an absorbant cloth. With a combination of washing, blowing, dry shake and a couple of brisk false casts even the most bedraggled fly can be made to work again, and if it takes 2 minutes so what, how many fish do you want to catch in an hour??
Regards
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Chris REEVES

www.flydressersguild.org
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