SilentC,
There is an old saying "first read the instructions" sorry but it would have helped you here.
First thing turn UP the air at the gun So the gun sprays properly if its too low the lacquer can't be put on wet enough to give a smooth (unpatchy) finish.
Then turn IN the material so that when you spray normally you get a wet smooth coat. ( usually around half way on the control depending on the gun.)
If the timber you have is open grained it will be real hard to fill the grain with lacquer. Air comes out of the gun first, it hits the timber goes into the holes and blows back out when the paint arrives the paint can't get into the grain easily, result the grain cells have trouble filling. Some does go in but you put more on the high spots than in the holes, so you need to put on a lot of coats and then rubthem to remove the excess. The gun puts on an even coat so if you put on enough to fill the grain you will also put just as much on the area around the grain hole.
If you use sanding sealer first it is designed to work better it seals and fills, you then sand it so you reduce the build up on the surrounding areas giving the lacquer a better chance at filling. Wood filler is used to fill the grain on soft timber to give you a flat surface which makes clearing easier but it can alter the colour of some timbers so much people try to avoid it and fill with the clear. It will always be easier to cover a flat blemish free surface than a pocky one.
Next - one coat at a time if you can afford to leave it 20minutes or longer between coats more if the tempo is below 20 C. If you put on five coats over 24 hours it will be far drier than 5 coats in 10 minutes after both are left for a week to dry.
The bubbles are caused by the solvent trapped underneath, trying to get out. The top coat dries first as its closest to the air (the thinners is evaporating off) the ones underneath have no choise but to drive up through the top coats. ( they form bubbles) It's called solvent boil. So let each coat dry off most of the solvent before you hit it again.
Don't put the timber near heat ( especially infra red lamps) as this will increase the chance of the bubbles, have it somewhere where the air is warm only with no intense heat pointing at it. Those convection heaters which blow hot air work best, Just warm up the area with one. Whatever you do don't put it in mum's oven or a sealed up area that the solvent coming off can't escape from.
Sunlight is good especially at this time of the year but not in the summer. Too much heat on wet paint on timber also causes bubbles when the air trapped in the timber grain is forced out by the heat.
What you experienced has always happened with timber, the old way to solve the problem was french polishing, it can also be done with lacquers. instead of putting on piles of coats a few coapts were applied and then the polisher used a solvent laden pad to remelt the material rubbing it into the grain and smoothing out the surface. Now its put on excess and rub off most to level the coating.
Waste of time spraying thinners on it, can't think of one good reason to need do that all you will do is slow the drying down further