Ding ding ding! We have a winner!

Yes, waiting long enough to cure out the just applied coat is the key.
That step is just as important as is not letting the oil finish build-up between coats. An oil finish is not a varnish...it should be in the wood, not on top of it.
bamajoey,
That's a very nice lacquer job. About the same sheen level that I like on a working gunstock.
I've never worked with the water-based lacquers. I have used water-base polyurethane before on furniture.
A friend finally convinced me to try it a couple years ago. It was like pulling teeth to get me to try the new-fangled water-borne stuff but after I finished spraying I loved that job.
Clean-up is so much easier than with a solvent-based varnish!
I don't mind a varnish or lacquer finish and the speed and ease of applying it is the main reason that it's widely used.
The only thing I don't like about a varnish or lacquer coating on a gun stock is that it is just that...a coating on top of the surface.
The inability to take a small ding or two without breaking the surface is what has always been my problem with varnish on firearms.
Going through temperature/humidity extremes out in the field, a coating expands and contracts at a different rate than the wood around it and eventually it will crack to expose the wood beneath it.