Hello, Kalynzoo,
I've been using the CA finish for quite a while (basically since I learned it), but my production rate is very limited (about 1/2 dozen pens a year as presents).
I'd like to point you to Russ Fairfield's web site. Russ passed away recently, but I learned a whole bunch of things from his writings:
http://www.woodturnerruss.com/ and
http://www.woodturnerruss.com/PenPages- ... Aglue.html
I also recommend checking out the penturners' site if you haven't already found it (
http://www.penturners.org)
My method is similar to the one described where you use a folded up paper towel (Viva, I think), and clean/lubricate with a small drop of boiled linseed oil (BLO). Then, using the other end of the folded up paper towel, you drip the CA glue and rub it on the pen. Allow the CA to cure up (a lamp w/ 60W light bulb nearby helps), then, repeat BLO/CA. Wear a nitrile glove on the hand that's holding the paper towel. Be sure to have a bottle of CA remover handy, unless you want the "American Pie CA finish"!

(Don't ask me how I know). Remember to also wear proper eye protection (I prefer a face shield).
As the other posters have said, be sure you have a container for disposing your used papertowels afterwards. The CA can run away on you and get quite hot. The BLO can and will polymerize and heat up on you, but you're only using one drop pretty much for the whole 5-6 layers of BLO/CA.
I typically sand to 400, then, clean meticulously, then, depending on the wood, use either sanding sealer, or start the BLO/CA process. I've recently taken to stopping the lathe between BLO/CA layers (or every other layer), loosening the mandrel nut and loosening the bushings, then, retightening. This is to prevent getting your bushings stuck to your pens! (I also put a bit of paste wax on the bushings and buff off before inserting in the pens).
After 5-6 layers of thin CA, I feel that I have a durable finish, but not so much that the pen looks plasticky. I then start micromesh sanding. I think I start around 3200, and continue all the way to 12000. I then rub on a tiny bit of paste wax, crank the lathe to high speed, and buff with some T-shirt material.
I've been told (and observed) that CA is not a great finish on open-pored woods like Oak, unless you have a ton of patience. But I've used it successfully on box elder, purpleheart, leopardwood, kingwood, maple, and walnut.
Regards,
hdt