Clear lacquer on steel frame
The manufacturer recommends this product for protecting a painted surface and not used on bare metal. Lacquer by its nature (at least the types still available in the U.S.) provides a beautiful finish but not very good at chip resistance. It is typically applied in multiple layers with sanding between coats. Take this to mean very time consuming and tedious. I would look for a product designed for bare metal, a urethane or clear epoxy should be much more durable than a lacquer. I would suggest finding an old bike or scrap pipe and practice your technique particularly in the headset and bottom bracket area. If you took the frame apart, tape all the threaded areas to keep the clear out of the threaded parts.