I’m using aerosol lacquer. Automotive grade. Not Home Depot crap.
That doesn't really mean anything.
There are not "grades" of lacquer. There are types of binders used, types of solvents used, and various proprietary formulations. Catalyzed, non-catalyzed, nitrocellulose or acrylic, blends, lacquer thinner solvent, naphtha solvent, etc.
What "crap" does Home Depot have? Deft? That's a naphtha-solvent non-yellowing nitrocellulose lacquer that is good if applied with the right process. It dries more slowly than a lacquer-thinner-solvent lacquer, due to the naphtha solvent. But it's probably better for a traditional musical instrument finish than is something from an auto parts store, which will be
acrylic lacquer. Fender used tons of acrylic lacquer
color coats in the '60s (every metallic color except Sherwood Green were acrylic, and Oly White was too). But they used nitro clear over it. Gibson never used acrylic clear TMK. Acrylic clear has very rarely been used by any large scale musical instrument maker. It will not give your finish a traditional look. It is great for '60s style color coats, especially metallics, but as a clear coat, it doesn't look or behave like nitro. It's more "plasticky" looking, softer looking, doesn't hold shine for as long, doesn't really yellow, doesn't really check. It's a technological advancement over nitro, but won't give you the classic guitar lacquer look or feel.
I would avoid Deft and Color Tone, as they are naphtha-solvent lacquers, but most other rattle cans are pretty traditional nitro lacquer. Mohawk, for example. I'd go with them. Best combination of traditional lacquer and quality spray cans. ReRanch's lacquer is just as good, but their spray cans/nozzles are horrible.
That said, you can make Deft work fine if you apply it in dust coats, and allow it extra time to dry before re-coating. Flood coat at the end to level it. You can go straight to buffing compound without sanding if you have applied the lacquer well. It is readily available, very cheap, won't yellow, and comes in an outstanding can/nozzle.