Shellac Sanding Sealer
In the US, you can purchase Zinsser's Seal Coat, which is a 2 lb. cut of blond, de-waxed shellac. I usually cut it: 3 parts de-natured alcohol to 2 parts Seal Coat. It dries very quickly (although not as fast as Myland's cellulose sanding sealer which can be friction dried on the lathe.)
When cutting the Seal Coat, you should do it in a plastic or glass jar - metal will darken the shellac a bit. You can also buy blond/de-waxed shellac flakes and dissolve them in de-natured alcohol as well. Since a little goes a long way, I usually do about 5 oz. (3 ounces alcohol, 2 Seal Coat) at a time. Once mixed, shellac does have a shelf life of about 6 months.
I just wipe it on with a paper towel.
If you're using it as a sealer, then once dried (about 10 minutes) I sand with the same grit I was using before applying the sealer, being careful to sand lightly, as dried shellac will cause "corning" on the sand paper, making sure that I change to a fresh area on the sand paper as soon as I see the "corning" - BTW, that's bits of the shellac adhering to the s.p. If you use s.p. that has corned, you can really get some deep grooves in the finish.
I mainly turn big leaf maple with no darkening of the wood.
With the cellulose sealers, you need to make sure they are "water-white" to keep any yellowing down to a minimum.
Hope this helps.