Grain fill is another consideration with Mahogany. It is a very open pored wood. In lacquer finishing open pored woods without grain filling, personally, I think there is a limit to how much lacquer that can be applied to the wood before it starts looking weird. With lacquer from a can, thinned maybe 20%-30%, sprayed in wet coats, I find this limit to be about 3 coats. ( I spray Cardinal lacquer more thinned than that. ) Beyond that, I do not like the look any more. Rattle can lacquer is much thinner, it is pretty low solids in comparison to the stuff you buy in a can to spray through professional finishing equipment. As Chuck said, the coats really need to be wet, each pass flowing into a fully wet film. When just learning, it can be easy to get runs. If it is just sprayed in a manner so that little lacquer droplets just stack up on the surface, not flowing together, you won't get any runs, but you won't get a smooth finish either. I have not tried polishing a finish that was sprayed in a manner that did not 'flow' into a wet film, as I always try to spray a glassy wet film, but I thing that with gloss lacquer, a poorly sprayed finish would not polish correctly.
For someone just starting out, I might buy a practice can of the same material, and practice spraying wet coats that flow together. I would pick up a rattle can of Bullseye shellac , and practice with that too, as the shellac really comes out of those fast, best to hold the nozzle 16" away or so.. Then spray a single wet coat of shellac, sand it back trying not to sand through, careful at the edges. If a touch up coat, or another full coat is necessary, go for it. The shellac will build fast, so keep it thin. (but wet) Sand it again so you have a smooth thin coating of shellac all over, then spray, probably 3 wet coats with the rattle can lacquer, maybe 4, light sanding between coats as necessary, and call it good. Practice on some Mahogany, you will see the point where the finish builds up and starts to look weird if it is not filled. if you are not filling, I would aim for a thin dry film. The shellac under lacquer acts as a great base for the lacquer, and will help with the long term color of the instrument. Straight lacquer on raw Mahogany looks sterile to me after a little time, t does not go to that deep red that makes Mahogany such a special wood.
Really, a nice lacquer finish on Mahogany needs the grain filled.
For a beginner, buffing is a whole can of worms that may or may not prove to be fun! Buffing an unfilled, open pored finish can also prove to be a nightmare with buffing compounds building up in the pores.
Practice the entire process, patiently. If you are happy with the results, then you will probably be happy with your uke finish too. If not, figure out what is not working. Allow a full day for the shellac to dry before top coating with lacquer. You can spray all the lacquer coats in one day, but I find that a better finish happens when more time is allowed for all the coats to be built up.