Finishing Process Sanity Check

I have an outdoor seasonal project I am working on that will require colors. The colors will be in the carved areas and also on the flats. Will the following work together?

Pine board
-Brush on 1 coat De-Waxed Shellac (to harden up the pine fibers)
-Carve & clean/sand fuzzys
-Brush on 1 more coat De-Waxed Shellac (to seal the carve areas)
-Add colors with DecoArt Outdoor Acrylics
-Seal with Rust-Oleum 1906830 Lacquer Spray (maybe multiple coats)

Take a look at the spar urethane.
It is much better for an outdoor finish.

I would like to use a water based spar urethane to avoid yellow-ing of the white painted areas but none of my local stores carry it unless I would like to order a 6pack and wait 2 weeks…