So could you take an already finished instrument - in what's more than likely heavy poly ('77 japanese solidbody) - and THIN the finish somehow? Or are you starting over from scratch?
Theoretically a thick poly finish just needs to become a thin poly finish. In practice, sanding part of the thickness off is not possible, because sanding is imprecise and the difference between thick, thin and sanded through would be uncontrollable. Start over.
I've put Highway 1 guts in my MIM J bass and it didn't sound the same as my Highway 1 J bass.
Having painted many nitro finishes and poly finishes, I have never seen an appreciable sound difference between nitro and poly of similar thickness. There are many other factors with far more influence over sound - neck thickness, woods, strings, set up...
Finish materials have grown a mystique they don't really deserve. I think part of the momentum for the nitro "must" be better logic comes from the fact that older (translated: "better") basses were nitro finished. Therefore, since "older" = "better" (except when it doesn't), "nitro" must also be "better".
Pseudo-technical explanations for this abound: As to nitro "breathing" better than poly - both are airtight. Basses don't breath. As to nitro somehow allowing wood to vibrate more freely than poly - at the thickness we are talking about, the relative stiffness/suppleness of each material has no perceptible difference. Even body resonance were a huge factor, there are many other factors that would wield a bigger influence than finish.
Guitar makers, like car makers before them (who also used nitro paints) mostly switched to poly or acrylic as soon as it became practical, mainly for manufacturing ease and durability (I guess they didn't account for so many musicians wanting instruments to look like they'd been dragged around the Mississippi delta for 50 years by Blind Melon Smith).