No, it won't fade away. And no, you can't sand it off without removing that whole layer. But, removing that whole layer is probably not as tough as you might imagine. It's not like you have to strip it, you just have to sand it back, and it's thin. Not the end of the world, just a waste of finish. But, you need a lotta coats anyway, so no sweat.
You have to watch the temperature and humidity when spraying lacquer. It's more sensitive to such things than just about any other finish you can apply. It's well worth the money to buy a thermo-hygrometer so you don't shoot unless conditions are right. Something
like this...
... is invaluable. You don't have to buy that one; there are a million of them out there for between $10 and $20. Technology has made them easy, accurate and cheap. Don't trust the weather forecasts - those guys are about useless unless they're predicting a hole in their heads at the same time they're being shot at. Even then, they'll probably be wrong. You need to know what it's like
right where you're at.
Then, keep in mind the "Rule of 65" which says "Never shoot lacquer at temperatures below 65°F, or above 65% humidity." And those are
extremes. Ideally, you want it warmer and drier than that, but not too much warmer. A perfect day in my mind would be 75°F and 40% humidity, but we can't all live in Puerto Rico. So. wait for warm weather and learn to love retarder, which slows down the solvent's boil-off.