Personally, I would thin some yacht varnish by about 20% for the first two coats to increase penetration, then rub over with fine wire wool before giving it another three coats of unthinned yacht varnish, rubbing down with the finest grade of glass paper between each coat. I would also try to allow at least 48 hours (ideally 96 or even a week) between later coats to allow the varnish to cure.This may seen excessive, but remember that name plates are likely to be exposed to more waves, spray etc than most of the varnished surfaces. Few things make a boat look as tatty as a nameplate with peeling and/or partially opaque varnish.