Well lacquer was an easy product to use , because it was what they call : Thermoplastic - means it can be REmelted or desolved.
Plus the mixing ratio was 50% color, 150% thinner , and this is what makes it have very high VOC content. (VOC stands for : Volatile Organic Compound) means more goes in the air then on the car.
THere has alway been a thinking that the more coats of lacquer the better, WRONG because it has no elasticity, thats why you see it crows feet , (crack), die back, blistering, because the metal expands & contracts and the paint does'nt.
GM was the biggest user of lacquer on its cars of yesteryear but it still peeled to!
One reason why they peel today is because they use an epoxy sealer & it has a window(proper dry time for application of color & clear) when your base coat & clear is applied, once it has gone over that , the sealer has lost its ADHESION, and paint will peel when the sun hits it & breaks down what little ahdesion is there.

Todays paints are the best thing going , but yes it is high dollar .
These new paints are what they call HIgh Solids- more goes on car then in the air when used with proper spray equipment like HVLP guns( High Volum Low Pressure)
I havent sprayed lacquer since 1985 was more work then what it was worth. I will say it was easier to repair then the BC/CC is.
These new clears are rock hard (Thermoset- when a product is chemically activated to harden, and cannot be remelted or reflowed) and have to be sanded for anything to BITE.

Lacquer was going to be droped out several years ago , but the automotive restorers lobbied to keep it, as they said it would lessen the value of auto restoration beings the car didnt have the original paint product on it.
Most jobbers wont sell lacquer to a non-profesional over the counter as, OSHA will only let shops with proper spray equipment use it .

I'll stop there as thats alot to digest for now........LOL

SprayTech