I use red DyKem in an aerosol can, because it's easier to see the scribe lines. I can't tell any difference between the red and blue, as far as how well it holds up. Use whichever you prefer. The spray-cans are definitely worth ordering, because they're so easy to use, and they last for months if not years.
Incidentally, a light coat of DyKem is a great way to prevent corrosion on blades or tools that might sit around in your shop for awhile without being finished or used. If you live in a humid environment like I do, that can be an issue.