Tarique,
It would be better to do it without the varnish, and just frame the picture under glass when it's finished. Varnish sometimes requires removal, as they can develop various defects when they get old. Watercolor is not likely to survive the varnish removal process intact, as it remains water-soluble forever. Alcohol is often used to remove old varnish, and alcohol would probably attack the watercolor paint.
Virgil
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