It looks great. If it has bonded well, it should be fine, like I say you can get away with things sometimes, but not always. Which is why I like Stavros write-up so much. Follow it, and it will work.
The excretion isn't actually poo poo, it is something the female lac bug produces. I don't know enough about bugs to know what its for, just that it is used for shellac.
1 thing I forgot to mention about shellac, and it very well could be common knowledge but will add it just incase, it comes in 2 forms. Pre-mixed in a can, and in flakes you dissolve in ethanol your self. Once mixed (and this includes pre-mixed in cans) it has a shelf life, if memory serves me correct, about 18 months. However, it degrades with time after mixing. If it has expired, it will dry to a goo like consistency, and you will have to clean it off with solvents (either alcohol or lacquer thinners). The flakes last a long time, perhaps indefinitely. If you plan on using shellac frequently, you are better off buying it in flake form. Mixture ratios can be found online. They are measured by weight, ie a 1 pound cut, 2 pound cut, etc. use the purest form of ethanol you can find, as the more water in the ethanol the less waterproof the finish. Sanding isn't necessary between coats for adhesion, as the new coat will chemically bond with the existing coat. Sanding between coats is useful for maintaining a smoother finish though.
Probably more than you wanted to ever know about shellac.