Banging my head against the wall recently, I built a simple shelf out of walnut, planed and scraped it, then finished it with 600 grit sandpaper.
I did a cherry shelf a couple weeks ago the same way and it worked like a charm.
Here's the problem on the walnut: I padded on shellac (1 lb cut), but noticed it was drying streaky. I was using a old cotton tee shirt like I have many times in the past. I carefully fold up a smaller piece, then wrap it up in a larger piece (no wrinkles), soak the whole thing in alcohol, then dip it in the shellac and pad away. Always worked perfect for me in the past. This time, mulitple coats, still streaky.
So I stopped using 99% rubbing alcohol to dampen the pad, switched to shellac reducer. No difference.
Then I made up a fresh batch of shellac from flakes, again a 1 lb cut, still no difference.
Then I switched from using an old tee shirt to using an old pillow cover, still no difference.
Not sure where to turn next, other than maybe something other than shellac!
Dan