Back in the day (88) I shot my 56 Chev with lacquer and just loved it. I never had any cracking but that is not to say it can't happen.
Easy to shoot, but labor intensive if you want a deep paint job. I wet sanded between each coat and if memory serves laid on around 10-12 coats.
Once that was done and the drying period was over I wet sanded and then buffed it out.
Looked great and I was very happy with it.
I would like to know the source as I wouldn't mind spraying some again on my daughters beetle.