Bill: I've used both lacquer and varnish and prefer a third product, water based polyurethane. Lacquer goes on nicely and looks good, but is soft and does not wear well. Varnish takes awhile to dry and also may not wear well. Poly goes on easily, water washes your tools, dries quickly and wears like iron. Two coats. For a really smooth finish, use 0000 steel wool between coats and when the final coat is dry. I just finished 50 tool handles with it and I'm happy. Mike Kurta
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