be sure it is not a 'spar' type varnish, as they are meant to stay soft (...read, 'sound damping') to remain flexible in extreme changing weather. How you brush it will affect the thickness of the film. My background is in finishing. I finished my first instrument in lacquer, too thickly. It looked great... After a month or so of playing, and suspecting that the finish was too thick, because the sound was too 'closed up', and constrained, I unstrung it and carefully cut back the finish starting with 1000 grit, front and back, cutting, polishing, re-evaluating, cutting some more. Then I polished it back up to gloss. The change in sound was immediate, my teacher recognized it too. Now the finish on that instrument is fully cured, it has 'opened up' even more. I suspect that part of the 'playing in' of a new instrument, is the finish curing, in addition to the changes in wood, and the 'settling together' of all parts, and aspects of it. Now my attitude is to get the wood as smooth as possible prior to finishing, and put on the minimum finish to protect the wood. At this point in the game, I will err on the side of not enough finish, and watch for failures. The intention of the instrument is to make beautiful sound, not to last forever...
You did not mention what you are doing for grain filling? that will affect what you need for the finish thickness. Also, the viscosity of the finish before thinning. At 100% thinning, (50/50 as you say) 3 coats might be enough, maybe 4. With varnish applied that way, I would be wetsanding with at least 400, carefully wiping off ALL residue after. For an instrument, I would probably wait at least a day between coats.