I don't buff lacquer a whole bunch anymore, I don't like the scratch pattern and it is easier to burn through to the bare wood, but the problem is usually that you didn't have enough coats. Here is my general lacquer strategy... (don't tell anyone, it's a secret)
I spray with a small hvlp gun, about 8 + coats using a high solids solvent based lacquer from Hood. I don't add any thinner if I can avoid it, so I get thicker coats (within reason), and quicker build up of coats. Maybe add about %5-%10 lacquer retarder to get better flow on warmer days. It doesn't have to be sanded between coats if done within (I think) 48 hours of each other. If you have blush, shoot it with straight retarder (a Bob Flexner tip) and it will "melt" the previous coat and allow the blush to come out. You can usually shoot two coats, one over the other after about 15 minutes, but not too thick. Usually recoat in 12-24hrs. You want even coats and make sure to get the bottom.
After all the coats are on, I wait about a week to let it dry hard enough, then use a 600-800 grit paper to clean up any runs, nibs or craters. Then wet sand with Abralon going 1000, 2000, 4000. After that I use 3" foam pads and 3M's Perfect-it 3000 liquid autobody compounds
06060 Extra cut rubbing compound
06064 Swirl mark remover
06066 Final glaze
Each one has a dedicated foam pad (they are about 3" , soft and sort of concave faced). I use the same sander I power sand with and the 3" hook and loop sandpaper pad to back the foam pads for the polish.
Make sure you use a soft cloth to buff off the finish, don't let it dry completely and use a different cloth for each one. If there are voids or bark inclusions, after the final polish step, get a small spray bottle and a clean soft toothbrush. Spray a light mist of water over the area that has some polish down in it, wait a few seconds and dab the tooth brush bristles down in it lightly, in an up and down motion (not side to side) the bristles will follow the interior of the cracks and take out the embedded polish. Take your rag and wipe away any residue or water.
I use this method to get very clear mirror finishes with lacquer.