A luthier (mainly a guitar maker) told me about a new water based laquer replacement - that is a brush on - which rivals laquer - levels really well, builds fast, dries fairly fast and is tough. It's call KMT-9. Not inexpensive - #38.75 a quart. But if you don't have a spray gun - compressed or HVLP - this stuff is said to give you the same quality finish - off a brush.
Scroll down to the KMT-9 mini-article then click the link for more info and details.
Anyone used KNT-9? Feedback?