Anybody have any idea why a lacquer finish would feel wavy after sanding down and what to try next?
That seems strange after all the sanding? Could it be the veneer, and not the finish that is wavy? I like using a long board sander to flatten the panels instead of a power sander. You may have to build many more coats of lacquer to be able to sand completely smooth. Also, buffing may help smooth out the waves.