Hi there Jtimms colour spec is an acrylic-based lacquer it's fine on wood I've used it a couple of times its no better than SCA acrylic lacquer and SCA is my go-to clear, I have used it on every wood you will find a guitar body or neck, over a fender based maple neck you can spray it on without any other paints or wood binder, just sand it with a 220grit sandpaper and coat it, you can put acrylic lacquer over anything from dyes to stains to sanding sealer, paint or candys
on a body just stain or dye then use sanding sealer (wood binder) 2 - 3 coats over your dye/stain sand it back with 220grit aluminium oxide paper till flat don't rub through which you won't if you have flattened the body before refinishing it which you wont if you use a block and clear it with 6-8 coats then sand with 600grit wet & dry then 4 more coats let dry for a week then sand it with 800-1200-2000grit in that order and polish it just remember don't sand anything without a sanding block and you should have a nice flat super shinny body if you doing a basswood body sand it with no finer grit than 120 on the body if you are going to dye/stain, it will have a lot better even coat and not so streaky look as its a pretty tight wood on open grain wood (ash or mahogany)put 1 coat of sanding sealer before you dye/stain so it wont absorb to much and giving a blotchy look, hope that helps you get a good start