does humidity slow down drying time?
Very much so! Most paints and stains nowadays are becoming water based so drying depends on how quickly you can evaporate water from the painted/stained surface. The evaporation rate depends on the air flow over the surface and the humidity deficit in the air.
The humidity deficit is roughly the difference between the amount of water vapour held when air is saturated at the temperature of the drying surface (measured in g of vapour per kg of air, which is almost but not quite g per cubic metre) and the actual amount of water vapour present in the air blowing over the surface. If you use an instrument to measure the humidity of the air you will probably get a reading of relative humidity (as a percentage). So if you measure say 75% relative humidity the air already is holding 3/4 of the maximum amount of water vapour that it can hold. So you have a chance to add at most a further 25% while getting your mast to dry. Of course if the air is moving, then you can keep adding water vapour to it because the air that you have moistened will blow away.
But there's a catch. the actual amount of water vapour in grams that that 25% represents varies very rapidly with temperature. If the air is cold, that 25% of relative humidity may only represent a gram (per kg) or less. Only a little bit of the stain or paint you've added can evaporate before the air is saturated. If the you are at tropical temperatures, 25% may be 10 grams or more and things dry more than 10 times quicker.
Summary: warmer, drier, faster moving air hastens drying.
Incidently, the rapid increase in the amount of water vapour that the air can hold at temperatures of 30C and above, is why climate warming of only a degree or two has the potential to make weather much more extreme. An example of this effect is that hurricanes only form if the sea temperature is more than about 28C.
End of lecture! Happy Christmas,
Peter