I do it like Vaughn does,
mostly off the lathe.
Say we are talking a typical bowl.
I have a vacuum rig, so I cheat and finish the whole bowl, sanding wise, top and bottom, I sand to whatever , say #400 or #600, depends on the piece.
Then I remount on the vacuum chuck and do the outside first. I apply several good coats of sanding sealer, this goes on with a white paper shop towel. I then use the 3M pad, maybe an #800, lightly.
Next I flip the bowl over and do the sanding sealer again on the inside of the bowl, finish with the #800 pad again.
The reason I do the outside first, is that if you do get some marks or such from the vacuum rig (not usually, but sometimes you do) then it is easier to hand sand them on the outside of the bowl than on the inside of the bowl.
I then get out my turntable, spray stand, painting booth and my rattle can of lacquer.
>>
Good thread on the spray stand and turntable <<
The turntable and spray stand help a LOT in getting a nice finish.
I spray the lacquer on, while running the exhaust fan at max and wearing a rated respirator, and the nice thing about the lacquer is if you keep the coats light, it dries quickly, so you can get lots of coats on in a short time.
BTW, I ALWAYS use one of those handle things you attach to the rattle can, I find it really does improve my control and finish.
One of these..........
Honestly, these do work, but beware of the $2 units, they are really flimsy, you need to spend the bit more for the $6 ones.
Once I'm happy with the sprayed on finish, I let it sit for a week. I know some guys get away with a lot shorter time before they buff, but I think our humidity, here in Tokyo, might have something to do with it, I always have trouble with the buffing, unless I wait a week, or more
I only buff if I want a really glossy finish (I use the gloss lacquer too). I'm kind of hot and cold on the glossy finish, I think that sometimes it looks too "Plastic", if that makes sense.
If I don't want the glossy look, (depends on the piece and customer) then I use a semi gloss and I don't buff.
Honestly, for utilitarian pieces, I still like no finish but mineral oil, I find it the best.
Hope this helps
Cheers!