After asking here at OLF about others' varnishing experiences, I went ahead and ordered a quart of Sutherland Welles Wiping Varnish in High Lustre. At just over $50 shipped, the stuff isn't cheap, but I'd estimate that the quart will easily finish five guitars. Please note that all of their products within a type are identical except for solvent content. The high lustre product has the highest solids loading and can be diluted to make any of the other formulations, including the sealer. S-W doesn't take credit cards. You call them up, they send you the varnish, and you send them a check. Simple and friendly.
I'm using the varnish to refinish a project electric with shellac color coats under a Waterlox High Gloss topcoat. For reference, the Waterlox is an extremely fast-curing, good-leveling, glossy phenolic varnish. By comparison, the S-W product is about 4 times slower to cure, has a higher solids content, is similarly glossy, and is more transparent - on par with blond shellac.
After repairing a few dings and leveling the Waterlox, my first effort was to brush the varnish straight from the can using a foam brush. Despite being labeled a "wiping" formulation, it is actually a brushing formula that can be diluted as the user desires. Compared to the Waterlox, it does not flow out as readily. Unfortunately, it also doesn't release bubbles very well, so I am left to sand things down and start over with a good bristle brush and a more dilute formula. More later as things progress.
-Ben
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