It's hard to beat ready made Zinsser shellac. I use the clear "Sealcoat" when I want a transparent finish, especially if there's significant inlay that you want to really stand out. The "Amber Zinsser shellac" imparts a wonderful warm patina. You can cut these by adding denatured alcohol. I usually just cut the shellac right from the can in half roughly so it flows nicely. That's about a pound and a half cut. It does not really matter, just thin it so it's flows and gets in the pores. I will also use a product from Homestead Finishing called "Shellac Wet": a few drops to a cup or so of shellac makes it flow very evenly & minimizes lap marks.
The beauty of the Zinsser is that you can achieve any hue you want and you can do it slowly with maximal control. You do this by simply using either the clear or the amber for each successive coat according to how much more darkening you want. This, to me, is a great way to fine-tune the final look in a very controlled manner. I use a maroon scotch-brite between each, or every other, coat in the beginning if it's quite thin. Typically 5-7 coats over 2 days achieves a nice chatoyance.
Glen Huey talks about the shelf life of Zinsser, which is marked (in code) on the can. I find that the stuff lasts for many years and have never had any problem with a bad batch even after a can has been open for 8 years! Personally, I see no need to buy flakes.....
That said, I did buy some seed lac flakes recently from Al Breed's (repro maker in NH) recommendation. He loves it and I highly respect Al's opinions, so I figured it's worth trying. I just have to overcome inertia and dissolve, strain it, etc. It's full of bug parts!
I've heard that Lowe's may (or already has) stop carrying Zinsser, so I hope this does not become the trend elsewhere.