Yes. I'd try and find a suitable dark tinted lacquer rather than a solid colour. I know you can get them in nitrocellulose, they might be harder to find in a polyurethane or acrylic spray. Whatever you use, the clear gloss lacquer needs to be compatible (and I'd always use the same type of paint if possible).

If you are going to do a burst, then I'd use a spray can. Always hold the spray can over the guitar and spray from the middle to the edge. Don't start at the edge and spray inwards. Aim to just miss the edge with the centre of the spray so that the burst effect is created by the edge of the spray. It may be tinted clear lacquer but with a few coats on, it will become almost opaque and hide anything underneath.

I'd certainly tape off the binding when doing this. You can scrape the finish off with a sharp blade, but it takes a bit of practice to get it right and it needs to be done within a day of the last spray otherwise the lacquer hardens too much.