That's mostly what I use in about a 2lb cut. I've been experimenting lately by putting the lathe on a slow speed and just rubbing a soaked paper towel across it and letting it dry. Lather rinse and repeat until you get a nice build then smooth it all out with a rag saturated with paste wax (thinned in the tin with a bit with mineral spirits). Polish at the same slow speed with a cotton rag and it looks like a million bucks.
They used it on floors for a long time, (and some people still do) and the look just can't be beat. The shellac really makes wood pop in a way that poly, CA, etc. just can't do.