If you did not get runs, you are half way there Chris
Thinning too much will give you a 'clear dust' effect. Practising, even on a sheet of hardboard will allow you to check thicknesses. Too thick and orange peel....not necessarily runs, depends how thick you apply the coats. Too thin and you will be, in effect, trying to cover with coloured thinners. Providing you get a nice even base coat, the lacquering coats can be 'played with', providing there are enough coats on to avoid cutting through. In an ideal world, the final coatings of lacquer would require the minimum of doctoring.....but we are talking home respraying here, in enviroments that consist of draughts, creatures, dust, etc.
However, even using spray cans can give a quality finish if the preparation is right, use plenty of water for flatting, and blending the lacquer. Not using the correct grading of wet or dry will leave minute scratches, and which, unless you use plenty of Primer filler, and plenty of water, (it does not matter how many coats you put on, with the modern base coats and lacquers,) you will still see these tiny scratches at the finish.
Sorry to be long winded, but this is something else where people shortcut.
There is an art to masking up, do not shortcut it. It is laborious, after all that prep, and you want to get to spraying bit. Once you have primed...do not be temped to flatten the primer and keep the masking tape on for the final coats. You will regret it. Take the masking tape off, completely dry and blow out any dust or particles of sanded paint. Then mask up again. If you don't do this, laborious as it is, once air is sprayed to the surfaces around the tape, you can bet your bottom dollar that there will be water or some foreign object will blow out onto your work. Its down to patience......and you will be rewarded with a finish to be proud of.