All finishes applied by hand take a lot of time. French Polishing is more of a method of application, but generically it is commonly used to describe a manual method for applying spirit varnish or shellac flakes dissolved in alcohol, plus or minus a few "secret ingredients".
I've used it extensively, including in double basses. That is a LOT of surface area to do by hand, but the results can be quite nice.
Given the ration of plate thickness to finish thickness, it is pretty easy to understand the dramatic results you'll have by removing the original finish on a guitar and French polishing a thinner one. Don't expect the same results on a double bass, if nothing else from just the standpoint that the plate thicknesses are 2-3 times more, yet your finish will be ablut the same thickness. If you want very good results for this, my experience is that the traditional classical guitar makers are at the top of the craft for this method.
Here is a short video that should give you a good primer on it. The same finish nerd wil be giving a pretty expensive workshop on it the end of July in Seattle for the Guild of American Luthiers' Convention ( along with a bass restoration workshop):
How to Create a Sunburst Finish - Fine Woodworking Video
j.