Refinishing

Actually more likely Garnet than orange.

Dewaxed shellac is used as a barrier coat between finishes that are normally incompatible. Since you stripped the piece using methyl hydrate, if the original shellac did contain wax you've most likely removed any trace of the wax.

As the original finish was alligatored there is a possibility that some type of furniture polish containing silicone may have penetrated the wood. This could cause "fish eye". To avoid any problems I suggest applying a coat of dewaxed shellac first. You than can apply any type of film finish you desire over the dewaxed shellac.

Yes.

Shellac ...

Think seriously about shellac.

It's fairly easy to apply, but read up on it and practice a bit. It does NOT go on like poly or paint. Do thin it a bit out of the can, makes it easier to use.

But with multiple coats and some sanding, you can control the gloss you get. And it dries really quickly before dust can settle in.

Several coats in a day.

I sand the semi final coat with 400 grit, and then polish the final coat with wax applied with steel wool. (I use synthetic.)

The feel of the finish is voluptuous!!!

Old Guy

I know shellac is the ultimate finish for this application EXCEPT there is a possibility it will get wet, or worse yet, get alcohol on it in the future.

SHellac does not like that. I'd rather NOT use poly though - thinking of some kind of old-school varnish or a polymerized oil???

Poly can be made to look very nice though. After the final coat, let it cure for 2 weeks. Wet sand with 600 grit, then pumice, then rottenstone, then wax. You'll be amazed.

... snip

Polymerized tung oil may be a good option. Somewhat finicky to apply (especially in dry climates), but nice finish. I've used Moser's from Woodworker's Supply, but other sources are available as well. You might be able to tint the base coat to get similar toning as you might get from orange shellac.