I finish many spalted pieces each year (mostly maple, some hackberry), and my standard procedure is to use a 1 pound cut of ultra blonde shellac as a sanding sealer once I get the piece sanded to around 220 grit. When completely dry, I sand back again starting at 120 or 180 and move up to at least 320 before I spray a lacquer finish (I have found that rattle can DEFT lacquer works best for me). 3-4 coats minimum with at least one "sand back" (320) to flatten the surface.
I've been doing this procedure successfully for years..... .... it is very straightforward and I've not had too many problems - the occasional blushing or dust nibs, but these are inherent to many sprayed finishes. I find that the ultra (super) blonde shellac & lacquer combination alters the color of the resulting piece the least of other available finishes (polyurethane, oils, 'varnish', etc.).
As Al recommends...... practice and experiment...
Rob