I have been shooting lacquer for over 30 years, and think that the lacquer is just as good today as it ever was. It cures a little slower but still rubs out to just as good a shine, and IMHO, It is just as durable. That being said, urethane is a much more durable paint which will take more abuse. I would never paint a car that was going to be judged with anything else, but would paint a daily driven car with single stage or Basecoat/Clearcoat. The up side of lacquer, is that there is no paint material on earth which is eaiser to touch-up! I would get a chip on my 60, and would get out the spot putty and my airbrush and make the boo-boo go away in short order. If a car is going to be driven on weekends and stored under a cover inside, then lacquer paint would probably outlast you! There is no doubt that lacquer is the easiest finish for the home painter to apply and is quick and easy to sand and re-shoot if you screw up. I am painting my 59/C4 hybrid with single stage urethane since it will be driven a lot, but I am still a big fan of lacquer.
Regards, John McGraw