I had a woodworking business for 5 years and have sprayed a lot of lacquer. However, I went with French Polish on my first build under the guidance of an experienced builder. I was pleased enough with both the process and the end result that I doubt I will use sprayed finishes for future instrument building. I found the process very soothing and really love the sound of the instrument.I went with traditional French Polish on my first. I learned much about patience, starting over, and frustration. It took a hideously long time. But I am very happy with the results. I have decided to try a technique for using non-dewaxed shellac taught by Mr. Howard on my next guitar.
I'm not yet ready to explore the world of sprayed, buffed finishes. FP is really nice, and the process is sort of meditative (as well as non-toxic). I value the kind of skill it takes to apply FP, and hope to become good at it.
Here's another vote for French Polish.