I can't make that leap with you... You are quoting shellac application advice for marine use from a vintage wooden music box site? Great source...
Heck, it might be a good waterproofer, but those sailors of old probably didn't consider the space between the layers of planks on their wooden sailing ships as interior brightwork...

It might keep the underlying wood dry but it sure as heck probably looked like almost dried Elmer's glue... If you want waterproof as your link suggests, why not use 5200 as a finish????
Hah hah, I bet you won't use shellac to seal up your below-waterline thru-hulls either.... So much for the advice from those sailors of old.... from an old music box website....
Given an opportunity to poll a decent-sized group of wood boat restorers, I think you will find it absolutely unanimous that none of them would use shellac as a final top coat for brightwork inside a boat or on deck.
Your boat, your money, your choice, so do what you want. You have that choice.
You know, every morning my kid wants to eat chocolate instead of a healthy breakfast. He stubbornly cites reasons he should not eat what he is given, despite my reasons for why he should. Just because he wants to eat chocolate doesn't mean he should... There is a better option...