I love shellac over oil.  Superblonde dewaxed of course.  The oil really 
brings out the grain and the depth in the wood, and the shellac makes a great 
film finish over the oil.  This is a finish that I often use on the lathe 
with wooden bowls.  I used this finish on a mahogany table, and I rubbed out 
the shellac up to 1200 grit paper.  Man, it looks great.

David Sobel