Here's an interesting article on the history of acoustic instruments finishes from Acoustic Music.org: https://acousticmusic.org/research/guita...-finishes/ -- there is a short paragraph on water-based lacquers. Actually, on reading this, it would seem that the ideal guitar finish might be shellac.
Best, Steve
6 string acoustics: 2018 Eastman E10D (Red Spruce/Mahogany); 2021 Eastman E6D-TC (Alpine Spruce/Mahogany); 2021 AC522CE - GB (European Spruce/Mahogany)
Electric guitar: 1964 Guild Starfire V semi-hollow electric
Acoustic Bass: Epiphone El Capitan 5 String Acoustic/Electric Fretless (Year ?)
Website: http://www.stephenleigh.com
YouTube: sleighwriter
6 string acoustics: 2018 Eastman E10D (Red Spruce/Mahogany); 2021 Eastman E6D-TC (Alpine Spruce/Mahogany); 2021 AC522CE - GB (European Spruce/Mahogany)
Electric guitar: 1964 Guild Starfire V semi-hollow electric
Acoustic Bass: Epiphone El Capitan 5 String Acoustic/Electric Fretless (Year ?)
Website: http://www.stephenleigh.com
YouTube: sleighwriter