Yep, that'll do it. Be advised, that stuff is pretty expensive for the quantity you get. You'll want to lay down many coats - ten is not outrageous to consider, and fifteen is better. The reason being, you will need to wetsand and polish, and you need a thick enough film that you can go through those steps without getting down to bare wood and potentially burning through color. Other lacquer products might provide better coverage, but you're sill facing the same problem, irrespective of lacquer choice. You'll ultimately save a buck or two a can (for the volume of solids that will ultimately remain once solvents boil off and the lacquer cures) if you go with Deft or another consumer-grade non-automotive product. It's not unheard of to burn through three or more cans on a body, but YMMV.
If you want to seal the body before applying that acrylic lacquer topcoat (hint: Not a bad idea), use shellac. I have had great luck with Zinnsser Bullseye in the rattle can. It dries fast - you can apply shellac, do a scuff sand at 30 minutes to an hour with 320 grit paper or sanding pad, and then get busy laying down clear topcoats. A scuff sanding between clear coats is also a good idea. Wipe with naphtha so you get rid of dust and finger grease each time, also.
Once you have built up all the clearcoats, leave it the hell alone for at least a few weeks. Seriously, hang it in a closet out of sight, let the lacquer cure, and don't screw with it. Don't push your luck. In a couple weeks, you can start with your wetsanding and then polishing phases.
NB: WHen I say NAPHTHA, I do not mean, and expressly exclude, ACETONE. Acetone will dissolve your lacquer on contact, and must be avoided at all costs, unless your intent is to start over from scratch, in which case, hey, go nuts.
Now, all of this assumes you have a steady temperature between the upper sixties and mid-eighties, and a VERY WELL VENTILATED work area with low humidity. DON'T SPRAY LACQUER IN YOUR HOUSE, ESPECIALLY WITH THE HEAT ON, unless you like (a) dying from inhaling the fumes and (b) letting your corpse be cremated in the flames of your home. Although you could also wear a respirator to protect you from the fumes, and be burned alive instead. Whee!
I note that you live in Ontario, Canada, and the temperature in Peterborough right now is 9 degrees Fahrenheit (-13 C). So you might also consider an alternative, to wit: wipe-on and spray-on poly products or water-based finishes. Minwax has a horde of good stuff, as do Behlen and others.
Words to live by:
1. Practice your finishing schedule (including the color steps) on scrap lumber of the same species.
2. Every shortcut leads through the flames of Hell, and you WILL NOT escape the demons' pitchforks on the way through.
