I find the Lee Valley High Luster tung oil is very thick and sticky right out of the bottle and difficult to get an even and smooth coat. Probably usable with a sprayer, which I don't have. Cut it with some normal stuff and it's a lot easier to spread.Maybe lacquer-like is not the best term. I got about ten to twelve coats on my 3PI speakers, resulting in a high gloss clear coat thick enough to fill the open grains of the oak panel. Unfortunately it does not have the durability of lacquer.
Recently, at your suggestion, I started playing with boiled linseed oil. Love the stuff. Very different from tung oil.