PSI's lacquer friction polish is basically a thin lacquer. The MSDS indicates that it is identical to the William Woodrite product that I believe is available in Canada.
I make a lacquer-based friction version using a Russ Fairfield recipe that I like to use on pens and other small items.
Simply mix equal quantities of a brushing lacquer, an oil (I use Hope's pure Tung oil, but BLO or walnut oil would also work), and lacquer thinner. I use Watco brand lacquer because that's what the store closest to me carries. I mix it in small batches using a scoop made from a 35mm film canister with a turned handle as a measure, and store it in plastic squeeze bottles from Harbor Freight.
To use, apply a few drops to a bit of paper towel, and wipe on with the piece spinning on the lathe. Spin at high speed so that friction builds heat. I generally use three applications in fairly quick succession - perhaps not more than a minute apart - but you can go crazy with additional applications if you wish.
My experience with it has been very good. It provides good protection for the wood that wears well over time (I have a pen that I have been using regularly for at least three years that looks as good as the day it was finished), but it isn't plasticky like CA - you can still feel that the pen is made from wood.
