Waka,
Unable to help on the "brains" side, but here goes.
Shellac is disolved in alcohol-it dries REALLY quick. You can apply it with a brush or rag. You apply 3 or 4 coats at a time as it dries go fast, and can give it a light sand between "courses". I find a couple of courses gives a nice glossy finish and then rub it out with fine steel wool then a coat of wax. Take a look at my recent mahogany table for an example.
http://www.philsville.co.uk/images/complete3.jpg
You can just apply a couple of coats for a "sealer" finish that looks very natural. Shellac melts into itself as you add more coats so you dont have to sand between coats like varnish. It does help level the surface though.
Shellac is available in different shades. Button and garnet are the "brownest" through to bleached "blonde" shellac which is essentially neutral. Depending on the colour of the timber you are using you would choose the shellac that best accentuates the timber. (i.e. I used button shellac on the mahogany to bring out the red/brown colour. Blonde works great on maple, etc.)
French polishing is done with shellac but this a is more intensive way of working. You can use shellac easily to provide a nice natural finish.
Only downsides are-its not very water/heat/alcohol resistant.
upsides-beautiful natural finish-non-toxic. easy to apply. easy to repair. no nasty niffs when dry (so you can use it inside drawers/cabinets without the smell hanging around for years!!!)
Just give it a try mate.
useful link
http://antiquerestorers.com/Articles/je ... hellac.htm
best regards
Philly