Lacquer over oil doesn't usually work. The oil interferes. Usually is the issue. Thoroughly dry, it may, but you can have adhesion problems if it gets scratched.
Also, some friction polishes have wax in them, which would further complicate. You could put an interference layer like shellac and then lacquer. But I would start out with a 50/50 lacquer and thinner to soak in to start if I was going to use lacquer , but then again, lacquer isn't the most durable of finishes for something handled all the time. IMO.
