Here's Mohawk's official directions:
DIRECTIONS: Mohawk Clear Gloss Instrument Lacquer is a high quality nitrocellulose wood lacquer specially designed for musical instruments. Apply over E-Z Vinyl® Sealer, M610-800 or Mohawk WW Clear Lacquer Sanding Sealer (M610-2500), with standard or HVLP spray equipment.
Four to five coats of topcoat are recommended. Apply in light, even coats of no more than 3-4 wet mils. Scuff sand between coats with 320 grit stearated sandpaper. Total film build of the entire system, including topcoats, should not exceed 4 dry mils. Excessive build may lead to poor adhesion, cracking or cold check problems. May be applied at 1 hour intervals.
Allow to air dry 2-3 days then wet sand with P400A, P800A, P1000A, and P1200A waterproof sandpaper using Wool-Lube™ Rubbing Lubricant, M720-13xx, cut 1:1 with water. Classic Instrument Lacquer Page 2 of 2 Revised 6/28/12 formula versions: 1.009 Rub with Poly-Buf™ Rubbing Compound, M890-003. If reduction is necessary, use Lacquer Reducer 2255, M650-010.
Sounds like applied and overall film thickness is more important than numbers of coats per day.