For filling wood grain quickly, I prime with sandable car body primer. Rustoleum sandable primer is basically same stuff. It is very thick, heavy bodied stuff and fills most wood grains with two or three coats, The sealer is really needed when wet sanding. Both the lacquer or shellac sealers should do a good job of sealing against water.
Reason I like lacquer is the quick dry. I can put on primer after an hour or so.