Hey Rick.
First, I should say I have not done a french polish. However I am a big fan of shellac but mostly as a sealer when finishing.
I'm of the opinion that shellac as a stand alone finish for guitars would be too brittle (particularly solid bodies). Which is truly a shame because it's so easy to work with. Here's a direct quote from the article you linked:
"The only drawback to the French polished guitars is the delicate nature of the finish compared to the hard, synthetic finishes provided on the factory-made instruments."

If you're trying avoid spraying (or unable to do so) there are a number of products than can applied by hand that will yield an excellent, durable finish. Tru Oil; Polyurethane, Tung Oil just to name a few. (all 3 of those are basically a polymerised varnish)
You can do multiple coats of shellac and then top coat it with poly to create a protective shell over the shellac. The shellac can provide a lovely amber tint to the timber and the clear poly remains clear (for the most part).

Beware that Basswood has a fairly open pore grain and will likely require grain filling. This can be done using shellac and pumice doing a slurry method prior to the french polishing; painting; clear coating etc or you can use a number of other grain filling products/techniques. Also worth noting that shellac as a sealer or otherwise, is very compatible with what ever goes over it. This is one reason I love it so much.

There may be others here that disagree with me or maybe have had success using shellac on its own, but everything I've read and inquired about it, has left me with my earlier stated opinion.

Hope this helps.

Cheers,
Mick