"Martha Stewart Crafts® Decoupage Oilcloth can be used on any fabric to make your project shine, for indoor and outdoor use. It dries hard with no tack. It's top-rack dishwasher safe, water base and non-toxic."
I wanted to make a tote using this great home-dec weight black and white thick striped fabric, but knew it would dirty too quickly to be practical for anybody. So I applied 2 coats before sewing, leaving plenty of time for drying and curing (1 hour between coats and 24 hours before sewing). I seriously love how it turned out, especially the glossy finish. Joann Fabrics does not seem to carry this, but I have found it in store at Michael's Crafts, online at Amazon (with Prime shipping) and online at the Plaid store.
Personally, I love the homemade look of this oilcloth finish. If you plan to use this I think you must be okay with seeing brush strokes and imperfections, I don't think a perfect finish is possible outside of a factory setting. How it compares to factory made oilcloth: so far I don't find that it has a glossy smooth feel, but perhaps I am spreading the coats too thin? I would have to play around with that some more with scrap fabric. I also find that it is not as stiff as the store bought kinds. I tested the stain repellancy (not on the bag itself) with splashes of coffee and chilli - yup, wiped clean even after left to dry!
Make sure your area is free of pet hairs and lint and I found that using a good ol' kitchen spatula works great! After spreading it on in light and even coats I like to finish with crosshatch strokes to make it more organic-looking and intentionally imperfect. After you sew and flip the bag right side out, you obviously cannot iron it so expect a wrinkly look. I need to locate my heat gun to see if that will relax the wrinkles a little bit, but the hairdryer made no difference. I have two more totes in the making using different fabrics, this time quilting weight. I will post pictures when I'm done!