Thanks for all of the info gentlemen. I reached out to Turnbull Restorations to find out what they use as they have sprayed all of my restored guns, even Parkers, in order to protect the colors. They had told me that they have used Behlen Violin Lacquer, which is not being sold any more as Behlen was sold to Mohawk Finishing.
I recently purchased an L.C. Smith Ideal grade with a lot of original case color and would like to protect it. I am going to use it as a hunting gun and would like to do it myself rather than send it out. At this point I am leaning towards a 50/50 mixture of lacquer and lacquer thinner and spraying it. I know that this is how it is applied at Turnbull's and it always looks flawless.