Dave,
You may already be aware of the quirks of old GM lacquer, but I have to mention this: When you're working on the checked areas, keep the heat to a minimum or you'll just open the cracks wider. I have quite a bit of checking on my Camino, so I've been there,done that. Also, if you're not a regular user of Meg's #7, isn't it amazing what that stuff can do with old lacquer? I had been using it as a pre-wax glaze for 30 years and never fully realized its benefits until I read Mike's tutorial and applied the process to my Camino. For the last three years, a couple overnight soaks have been part of my spring regimen. I went from being ashamed to park it inside the ropes at a cruise from taking home some trophies at judged shows. All the paint maladies are still there, but now I can bring up some serious shine. Best of luck in your project. Anything close to perfection is absolutely impossible, but there's some serious pride to be had by bringing one back from dead.
Bill