When I add paper or cardstock covering to balsa fins, I usually work with thinned white glue. You get a lot more working time with that stuff, and you don't gas yourself in the process.
I have used CA a few times, but my technique is a little different than MetMan's. I make no attempt to pre-cut the paper to the exact size of the fin, but instead use oversized paper. I lay down a piece of waxed paper, put the first paper sheet on that. I drip out plenty of thin CA on one side of the fin and spread the CA with a q-tip to try to get the whole side of the fin wet. Working quickly, I drop the fin onto the paper and press, then drip more CA onto the opposite side of the fin. Spread some more (remember which end of the q-tip to grab) and slap on the second layer of paper. Cover with more waxed paper. Pile on the old magazines, and let the fin sit for two beers. Uncover, peel off the waxed paper, trim the excess paper with an X-acto and a straight-edge. CA the edges all around and let cure thoroughly before sanding smooth.
But this is really, really stinky, messy, and kind of dangerous. I recommend the white glue. Thin it 1:1 with water and it works great. It is cheaper, easier, much less hectic, and much easier on your nasal tissues. Try it once on some scrap or a spare fin and I'll bet you never go back to CA.