i find that laquer is good for a while, but inevitably gets chips and cracks, then crud get in and starts to corrode the alloy, and is difficult to clean up properly, the lauqer on my #1 is also becoming discoloured from oil and petrol and heat.
personally, later bikes that i have refurbished i have either just polished and left uncoated (ok, it means you have to keep it clean and salt free) or have coated in heatproof paint in black or yamaha silver.... not laquered, it is then very easy to touch up any blemishes that occur.