Water-based lacquer (I think the correct term is "waterborne") is my
current favorite.  It is easily applied using a sponge applicator
(available at any paint or hardware store).  It can also be sprayed
with HVLP equipment.  One needn't worry about high humidity.

It is rather high in solids, so you don't need to apply 12 coats.
There are dozens of brands, so experiment with a few to see which you
prefer.  "Fine Woodworking" magazine has published a few reviews of the
different brands.

As for "fisheyes" (little craters caused by silicone residue): these
are not very common, but one can apply a sealer coat of thin blonde
shellac to reduce this (the blonde shellac is free of wax).  I find
waterborne lacquer strips off very easily with any paint remover.
You can tint with water-soluble aniline dye.  They sand and rub very
easily, too.  Plus, they're easier on the lungs.  I recommend them for
low-volume refinishing.

Philip Jamison
West Chester, PA