You can use an oil base over a water base, just not the other way around, because the oil breathes and lets out gases.
I refinished a redwood table, I believe I used Cabot's Spar Varnish which is an oil base marine grade and will be the best UV protectant.
It protects the wood for I think 4 years, but the vanish itself did start to gray by the second year. So the color underneath is going to be protected but the resins in the varnish can get cloudy over time, but I think that's gonna happen i think with anything tough enough to protect it outdoors.
You can use a latex based clear varnish there are a few companies that make it goes on a milky color dries to a crystal clear finish you can get it in rattle cans or brush on. I would get the rattle can version its easier to apply but needs more coats you have to make sure the color coat is fully cured look on the can for how many days it takes for a full cure. It is best to use a clear coat that is made by the same manufacture, you have 3 options matt - semi gloss - gloss.
One thing I would suggest is try it out on a small spot like the inside of a leg to see if the clear finish will react or harden. It is best to say with latex and besides the new latex clear finishes are pretty durable.
So, I want to waterproof a table that has been painted a dark color. The paint is dull, and is water-based, so will fade easily.
I want to put on a coating on top to seal it .... and I don't know what to use.
Polyurethane? .... but, that's just a wood sealer, right?
I'm talking about a coating, moreso than a sealer.
shellac?