Ok, I'll do my best here...
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1. in this first step applying shellac/pumice slurry to fill open pores, how many coats are generally required and what in the way of drying time in-between?
How many coats? Not to be a smart-arse, but until it's done! Each piece of timber is unique, so it depends on the depth of the grain etc. You might get by with 3 runs at it, or could take 6. You just keep checking until you're satisfied.
A 1lb cut of shellac dries pretty quickly. A little longer with the slurry. Of course, temp & humidity effect this like any other finishing process, but under good conditions you should be able to do at least 2-3 applications a day.
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2. is sanding required following the slurry application(s)?
Yes. light sanding, enough to smooth things out so you can see the progress of the filling.
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3. what are my options for adding color or is this process for natural finish only? You mention that shellac provides an "amber tint.
Do you expect the Basswood to look nice or does that wood type lend itself better to a different finish treatment in your opinion? "
Shellac can be tinted, but I've never done it. I like the "natural" colour of shellac and it will darken with the more coats that are applied, but it is subtle and builds slowly. If tinting, use analine or alcohol based dyes, not water based.
Basswood isn't known for it's great grain patterning, but it can still look nice with a trans finish IMO. Sometimes it depends on how well the blocks of wood are matched (presuming it's a multi-piece body) or how many blocks are used in the composition.
One way to get an idea of what a grain will look like under a clear finish, is to wipe it down with a rag wetted with methylated spirits. It evaporates fairly quickly but you get a glimpse of what it might do, and it doesn't raise the grain too badly.
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4. continue shellac coats. I understand that multiple coats are required but for Basswood, how many coats would you estimate? Drying time between coats?
Refer to no. 1, but also using shellac only as a sealer I get as many as 4 coats a day on with good environmental conditions.
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5. poly top coat. Assume I will use a poly wipe-on product. Your guess on how many coats? Wipe-on, wipe-off?
Yes, in your circumstance where you're avoiding any spraying a wipe-on. I mix my own wipe-on poly with a 1:1 ratio of brush-on polyurethane and mineral turps. To buy wipe-on poly off the shelf, cost about 3x as much the regular stuff and all it is, is regular poly that's been thinned (with turps!). Plus, mixing your own allows for playing with the ratio a little if needs be. However I pretty much stick to the 1:1 (50/50) mix.
My process is: wipe on > dry > smooth with synthetic "steel wool" > repeat. I like to apply at least 12 coats but it's entirely up to you. You can only do 4 if you like, but I prefer a thicker finished layer. (FWIW, using Tru Oil, I've done as many as 24 coats)
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6. polishing. Done with a polishing compound or simply buffing out the poly?
I like to do a progressive wet sand for my final step. However I let the topcoat (ANY topcoat - poly, lacquer, tru oil etc) cure for a minimum of 7 days before this process. As a general rule I wait 2 weeks though. If there is any tack to the finish when I handle it, I leave it.
My wet sanding procedure is generally through these grades: 600 > 1200 > 2400 > 3600 > 4000 > 6000 > then Micro-Gloss 1 micron polish. The 2400 grit and up are part of a 3M Micro-Mesh kit, you typically won't find them in a hardware store or auto supply store. And this is only what I do. It's what works for me. 6000 is pretty extreme, but again, it's what i do.
There... hope that helps some more. I need more coffee now!
Cheers
