Hey Joshua, sorry to come on so late, just got home from a long day working. Anyway, I use this method on every thing I scroll. First I sand the wood blank to finish grit, usually 220 grit. Then when I'm done cutting, I touch up with the 220 grit sandpaper.
Like you I use a 50/50 mixture of boild linseed oil and mineral spirits. Here in So. Ca., the humidity is moderate so it usually take 24 hours to dry. Then I apply the lacquer. Like everyone has said, spray a light even coat. With the Deft lacquer it drys very fast. I can usually apply three coats in about an hour. I don't like a shiny finish, so I use semi gloss or satin.
Now, here's my secret, well it's not so secret as a lot of folks do this, I use a folded piece of brown paper bag to sand off those little nubs that you see. It's like 2000 grit sand paper, but does not leave any sand dust. If there are any nubs between coats, sand them with the brown paper. I use a small soft brush to brush off the project between coats or you can use compressed air.
I do a final sanding with the brown paper. This evens out the final coat and buffs out any rough areas.
When I go grocery shoping, I always ask for paper bags!