I don't know what lacquer Don uses, but in my experience, the yellowing will be relatively slight. Much less than a typical oil finish. The wood will likely darken before the lacquer does. Most cabinet work and a lot of furniture is finished with lacquer. Musical instruments, too.
I use a lot of spray lacquer on my turned pieces. I use the stuff in spray cans, but shot from a gun is also fine. You'll probably need to thin the stuff you have. I'll let someone with more experience shooting lacquer offer advice on how much to thin it.
Anyway, I apply in light coats, building up sometimes as many as 10 to 15 of them. (Although I just finished a holly piece that looked the way I wanted after just a couple of coats.) Every 3 or 4 coats, I'll wet sand with 600 grit sandpaper to level the surface and remove any dust nibs. After I get the desired thickness built up, I wet sand with 600, then use a spindle-mounted buffing wheel with tripoli compound, then another with white diamond compound, then I finish off with Renaissance Wax applied by hand and buffed out with a clean wheel. On flatwork projects, I've done essentially the same thing, except used automotive rubbing compound, then buffing compound, to bring out the high gloss. Done right, you can get a "grand piano" finish that you can see your reflection in.
Lately, I've started using mineral spirits as my wet sanding liquid. It seems to lubricate better than water, and if I do happen to sand through the lacquer and into the wood (it's happened more than once)
it doesn't tend to raise the grain the way water does.