I apply lacquer using a quality natural bristle brush; it can also be sprayed, but it is very flammable and requires a proper paint booth setup. Also, the fumes are very poisonous, so proper masking and ventilation is a requirement.

I apply boiled linseed oil to "pop" the grain, then a layer of clear shellac, then several layers of lacquer. Every few layers I do use a scraper (facedown) to knock down the dust irregularities. Both the shellac and lacquer dry extremely quickly. After the final coat I use the scraper and then 0000 steel wool to give a fine satin finish.

Lacquer (and shellac) damage is easily fixed by applying more. The fresh coating melts the old; the only hitch is in blending out the edges.

I find lacquer much easier to work with than the newfangled concoctions. Easier to apply smoothly, easier to knock down the dust, easier to polish with steel wool, and easier to repair any mistakes. Not nearly as durable, though, and a much greater health hazard while applying.