Shouldn't be a problem, though you may need a larger tip, maybe 2.4 or so. Remember you'll be filling the cup quite often if you're painting a larger area.
Yes, it's done all the time. BIN and the regular shellac are very thin. Use 1.3-1.7 needle.
I seem to like 1.3 personally for things like cabinets. It's very easy to atomize and you'll get a nice spray pattern. Maybe 1.7 for doing larger expanses like paneling.
Wear goggles, at least with the Sherwin Williams stuff that is Shellac based it makes a fog that just stings your eyes pretty good. Goggles help but it still hurts, a mask is a must as well.
I have 2 of these for spraying stain for wood working projects. They are great for that. They clean up easy and like you said as soon as its no longer cleaning good you get another.
Turns out my cheap porter cable gun (slight step up from HF) with a 1.4 and 20 lbs of pressure is great for shooting the stuff right out of the can. Shooting outside on the driveway with very little overspray or fog. I do need to find a respirator as I noticed my nose hair is white! Lol