I love sparkle top telecasters. I almost talked Tonar into making one for me, but he convinced me not to because it's a PITA to do. Some problems:
1 - the flake gets stuck in the gun, which requires a big nozzle, where in...
2 - big chunks of flake can make big blobs that are really hard to sand out.
3 - adding flake after the fact makes the surface really un-even. Because nitro is to thin, you need to add A LOT of coats to bury it. like I'm talking 30 coats or something obscene.
My Advice:
1 - If you are hell-bent-for-leather to do it yourself, try it on a piece of scrap. But be prepared - it won't be as easy as a simple single colour finish. BTW, from your proposed process, I think you'll need a tint/colour coat somewhere along the line to fill in the colour between the flakes in addition to the billion clear coats needed to bury the finish. Most people spray flake with the flake in the gun mixed with a colour matched paint.
2 - If you are NOT completely 100%-certifiable hell-bent-for-leather to do it yourself, get someone else to spray it! If you're starting out with a new warmoth body, and they have something that is close to what you want in their lineup, then you can't beat their finish for the price.