Here's an article that seems to answer your question. The "wiping varnish" is usually just varnish thinned half and half with mineral spirits. Yes, it works well. You'll need 2 to 3 times as many coats, but you can generally re-coat in just a few hours so you can get three coats on in day (instead of one brushed) so elapsed time is about the same. Many people use blue shop paper towels as a lint free applicator.

Also the key to a good finish is to sand between coats (every brushed coat or every 3 wiped coats, both after overnight curing) get rid of defects and create a dull surface for the varnish to bite into. I use P400 sandpaper and Scotch-Brite pads.

http://www.popularwoodworking.com/techniques/finishing/finishing-for-first-timers