I have used that stuff, all in one stain and "lacquer". I would definitely do a large sample piece first. I was not impress at all. The so called "one step" took longer than staining the wood and applying a finish coat. To me it was not worth it. It did not stain the way I wanted it to. Now I would shy away from lacquer too, only because of the flumes it put off. Or should I say make sure if drys out for a long.. time. There is a water base urethane you could use that dry much quicker and has very low odor and of course, clean up with water. I hope this help a little.
Good Luck :cheers: