Where's Triarius when you need him?
I belive that acrylic lacquers are solvent based paint's that use acrylic resins dissolved in lacquer thinner, as opposed to"traditional" lacquers that are nitrocellulose resins disolved in lacquer thinners.
It's behaves like a lacquer paint, not a water bases acrylic & requires the correct solvent / thinner, not water or alcohol as you would use in a "typical" acrylic paint. It will most likley be quick to dry, & will be as noxious / harmfull as any other lacquer paint as it uses a volatile & strong solvent.
Here are a couple of usefull links that (more accuratley that I can) describe some of the different types of model paints, their make up & plus/minus points;
http://www.craigcentral.com/models/paint.asp
http://www.naritafamily.com/howto/paint.htm