Nitrocellulose Lacquer

Hah! Be aware if you get a quick answer to your question. The answer is just too broad. You need to consider what final result you want. Most of us who have done this for a while are constantly searching better and ways to achieve the finishes we want.
The StewMac finishing schedule is a good general place to start. You will likely adapt it to meet you specific needs.
http://www.stewmac.com/freeinfo/Finishing/Finishing_schedules/i-nitrocellulose.html

OK, the quick answer? Two to twelve.
 
Whoops. I didn't know you were using water based. I've only tried it for a short period of time when they first came out so my experience with Color Tone is very limited. I guess I'm confused. Does Color Tone make a nitro finish?
Anyway, please post your results.
 
Don't worry about drips or runs, they can all be sanded out. I remember freaking out when I did my first lacquer job and got some drips. They are no problem, you can sand them out.
 
I'm currently finishing a Stew-Mac tenor with their aerosol nitrocellulose lacquer. Because the spray cans put out a lot less material than an HVLP sprayer, you'll probably need to do as many as 12 coats to get a thick enough finish to final sand without hitting wood. You'll need to do a bit more sanding with the spray cans because the mist is not as fine as what comes out of an HVLP system, creating a slight "orange peel" effect. And be careful when a can gets low, because they tend to spit as they run out of material. At least that's been my experience; YMMV.

BTW, next time I'm biting the bullet and investing in an air compressor and spray gun so I can do a decent waterbased NC lacquer finish. My wife is complaining about the smell emanating from the garage caused by the toxic stuff in the aerosol cans.
 
Thats what I'm building I changed the rosette and added a little purple hart to the heel . here are a few pics first coat of lacquer
DSCF2170.jpg
DSCF2169.jpg
 
Nice! I like the shell rosette. Much prettier then the plastic strips in the kit. I see you also got a neck made of something other than mahogany. I stained mine to get a closer match.
 
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