Haha I've been using the same rack since I started building guitar kits back in 2013. It's wobbly, old and rusty but it still keeps the guitars hanging. Sometimes I do get paranoid the guitars would drop but so far the metal hangers really support the weight well.
I'm using SuperCheapAuto's homebrand acrylic lacquer. I've also been using these for a few years and they're great. Cheap, hardens up well and buffs out nicely. My guitars finished with these are holding up great.