Lacquers are a whole study in themselves. They are not varnishes.
The Japanese, who invented lacquer, use a very toxic tree extract that is totally different from nitro, I think they call it Urisho, forgive me if my spelling is wrong or I am calling it incorrectly. Its been a long while since I've done study on this.
Nitrocellulose is based on cotton fibers and chemically altered to let it form a clear film. It's almost unobtainable in pure form and I do not recommend attempting to formulate it on your own, very hazardous. Modern lacquers are blends with some nitro added, but not quite the same as what was available in the 1920-1950s. Most have acrylics as the main solids content. Pure acrylics are more difficult to repair after a year or so. Neither every fully cure and in my opinion continue to shrink forever. Most shrinkage occurs in the first month or so. If attempting repairs have the customer bring the instrument back in three months and build more in necessary.
I have used acrylic and water-borne, I like them but as you said "purists" don't seem to accept them. I had trouble with burn in (coats blending) with the water-borne, but I hear they are much better now. If they work like varnishes repair and touch up becomes very difficult to do without visible evidence. If I ever get caught up with custom builds I intend to explore them further.
Personally, I cannot hear a difference between a thinly applied lacquer and thin poly finish on a solid body guitar. I can hear the difference on a fine acoustic, but which is better is wholly subjective. But YMMV.
I am going strictly off memory here so I may be mistaken. If I was buidling for myself right now I would try the Lovoc from Sherwin-Williams, mostly because the store by the shop has it in stock in gallons. But on personal build I take chances with full knowledge that I may have to strip and redo.