Many years ago when working as a french polisher I used to make up my polishes with flake or pearl shellac and methylated spirits, admittedly I made up batches on a fairly regular basis but there is nothing in there to go off, if it gets to thick add more meths, so age should not be an issue. Button polish is to my mind the softest of all. Although I don't polish for a living now I still have some that I made up years ago and now use it as a sealer with no ill effects.
On a thin coat it should be completely dry in about a week or two the problem starts to arise when applying with a rubber and using oil to help with the application (it stops it sticking and pulling up).
Even when you have filled all of the grain especially in a burl to a mirror finish it will still sink in, it may take a week, two or even a month but it will.
If it is completely dry and doesn't show a finger print when pressed hard then I may consider using cotton wool around the object then wrap as normal.
Terry