FWIW, IMO, the "breathing" thing is pipe mythology - You can find any number of lacquered pipes that smoke just as well as waxed ones (Virtually all high end sandblasts are lacquered or shellac-finished, for example, from the majority of makers). The major complaint with lacquer, for me, is that it can chip. Time and heat can erode the finish and cause matte spots to appear, and if it's smoked too hot it can even bubble. So... applied properly, it's perfectly workable as a finish, though not my personal ideal. Very thinned lacquer actually works well as a stain sealer, though, if not a total surface finish (for cutting down on stain bleed).