So just apply a layer, then buff it off and repeat as necessary?
Yep, apply a thin layer, and leave it 5 mins until it has a bit of bite or resistance to a finger rub, then thoroughly buff off. Avoid leaving it baking in the sun, as it can be hard work to remove if it has been left on too long or baked on. Don't use too much and avoid getting in the bolt recesses as it can be fiddly to get out and it's very pink!! Otherwise it's a doddle.
Then do it all again, and maybe again!
Don't forget to post some pics of your new, and newly sealed wheels.