Interesting... I've never used "waxy" shellac, only seal coat or shellac mixed from dewaxed flakes. Just what is "waxy" shellac used for?
Going back to my original post: Is using dewaxed shellac as a sealer under spar vanish in an inside application an OK idea?
"Waxy" shellac is used as a finish with nothing else being applied on top. I love using shellac, but not zinser shellac, I mix my own and not always flakes, you can also get raw shellac and button shellac (which is far more durable). Shellac is very forgiving and easy to use, it can be wiped on with rag, brushed on, foam brushed or sprayed. The pound cut isn't even that important. If it's too thick you notice when putting it on and add more alcohol, if it's too thin, you just apply more coats. You can also buy shellac in far more shades then amber and Garnett, it comes in shades from very clear to ruby red to black. It doesn't stink and dries fast.
Four years ago, as an experiment, I used button shellac on hard wood floors in my daughters small house. She has a dog, a cat, a husband and now a toddler. It has held up very well, but my daughter wanted to rejuvenate the floor so I mixed her up some button shellac just this week. Last night, with little more effort than washing the floor, she was able to wipe on a fresh coat and it looks great, no sanding, no sealing, no stripping, just wash the floor and wipe on a coat of shellac. Did the kitchen and living room in just a few hours.