Chances are you might be "ok" but do NOT settle for "might be ok". The same goes for Shellawax under lacquer. Over lacquer is probably fine (don't burn the lacquer), but probably not very helpful.
Personally, I believe that EEE is an absolute waste of time and money if you are using lacquer (please don't read that as a criticism against you, it's a criticism against EEE and similar pot-o-gold novelties).
EEE is great for woods that you will put nothing on other than wax. Blackwood, Ironwood, even cocobolo and ebony. Beyond that, I wouldn't bother.
EEE contains tripoli powder, which is what makes it work well on making wood soft and smooth. It just sands the wood to a somewhat high polish. It also has some wax and maybe even some shellac (I forget), but honestly, if people are going to put on a friction polish after the EEE, the waxes and shellac are basically redundant and costly.
If you are spraying lacquer, you do not need that high of a sand/polish on your pens. Sand them to 600, maybe 800 if you want (not necessary), and wipe on a coat of sanding sealer if you wish. Allow it to dry, sand it with 600, and then spray/dip the lacquer all you want.
Give it a shot. Make a couple pens your normal way but skip the EEE. Just sand to 600, seal, and spray/dip (and save that money, the sheer cost of EEE will buy you a very, very nice fountain pen kit).
BTW, the sanding sealer is totally optional so long as you sand your blank to 600 first. Some find it helpful, some don't.
