Hi All
I think there are many pros and cons for hand and spray finishing, but the one that stands out is time. I don't have to say that making a living in this field can be a challenge [ high gas prices, shop expense, slow economy, etc]. I do spray from time to time but most is done by hand. A trained eye can easily pick-up the difference.
As far as period finishes, I don't know any one that uses the old materials. For the simple reason that modern materials hold up better. The Smithsonian has a board containing 75-80 different materials used in finishing, all appear different under black light.
As for what to use?, that can be a trick question. If you are building furniture, as most of you are, you can use what ever works best. If you are building for trade, durability comes into the picture. And if you are restoring antiques, historic preservation in mind, you might use modern coating like B-67 or B-72. Is there one right answer? I don't think so. There are combinations that work better than others. One rule, Shellac goes under most finishes, not on top.And , of you that know me,BLO has a history, but too many draw-backs to use today.
All of us want are creations to last. With that in mind, the choices narrow substantially. Repair ability is the major factor. Someday that chair will need re- gluing or that inlay will pop-up. If you use hide glue, simply re-glue. But if you a modern yellow or white glue the joint may be destroyed. The new glue will not stick to the old glue,the old residue will have to be removed. The same goes for finishes,If that water ring cant be repaired you have to strip the finish. Now the furniture you built to look one-way is going to look the way the restorer thinks it should.
So what are the finishes that can be repaired? Shellac can easily be repaired as can lacquer, some varnishes, not all. Then we get in to oils and wax, nether are durable and personally I don't think of them as a finish. Shellac has a history that goes back about 3000 yrs and has been detected on furniture in the 1500's{Wikipedia}. When you factor in the fact that a lot of furniture makers came from some place other than here, and that few finishers let there secretes out and didn' t right books I think the arrival/use of shellac in America should be looked at more closely.
A word of caution, if you are not set up to spray [respirators, ventilation,etc,]use a different approach, and for sure not in the house.
Be safe, do good work!
Randy