Bruce knows his stuff! If you have time to practice on some scrap, you might want to try to do an entire finish schedule and buffing process so you can get the hang of your techniques and such before putting it on your bass.
In answer to your question about wait time, I am generally able do three to four coats a day. The varnish blends I use are typically dry enough to touch after about six hours or so, though not hard- that's what takes a few weeks.
Forgot to mention - when I do my in-between sanding, I wet down the sandpaper with some mineral spirits to help it glide. The further along you go, you'll find that the surface film starts to build really smooth, and the wetsanding will help you pull out any surface imperfections without leaving scuffs underneath your next coat.
Hey Lonny, thanks for the additional advice and details. I wish I had like $200 to stock up on both the Behlen and West Systems and just do a bunch of testing to see what works best