I did the following.
2 coats of shellac, sand to bare wood.
2 more coats of shellac and sand until no pores showing.
3 light coats of lacquer about an hour appart. Light sand the following day.
3 normal coats of lacquer and light sand again
3 final coats. After 4 days I wet sanded to 1500 then rubbing compound, polishing compound and swirl remover. In the future Ill use a clear wood filler rather than the shellac as a filler.
I'll compound again and polish in a month or so. I am set up to spray lacquer but the shop was in disarray so I did the Watco. I was quite surprised at how well it sprayed and sanded without gumming up after only 2 days of curing. In the future I would probably wait a month before rubbing out the final topcoat. The light sanding between sets of coats definitely seemed to speed up the curing. After 4 days I smell absolutely no lacquer. This guitar was prototype for a series of guitars so I was a bit impatient and wanted to get it assembled an tested out. In the future I'll spray either a Target waterbourne lacquer or ML Campbell.