Should work well and Lacquer usually dries very fast. Keep us posted...........

There's a good video on raising inserts. Worked well for me and wasn’t difficult. I can’t find the same video I’d seen, but basically the method is to soften the old glue from the bottom with a heat gun on low temp, knocking the insert out with a nut driver the size of the insert, cleaning the edges & gluing it back down. A heat gun is only $30 at harbor freight.

Seek ye a video!

As a train collector as well as a pinball person I use a product called "fake water" which I get at my local train supply place.

I've used lacquer before. It works alright, but it's pretty thin. Might need several coats if they are sunk a lot. If you put it on too thick, it will take a long time to dry. I had better results with that one part ultraviolet epoxy stuff. It never dries while you work with it, then hardens in a couple of minutes under a black light.

That said, I don't bother with them any more. If the inserts are sunk. I just make a playfield protector for it. Two birds with one stone.

Do you have a link to this product?

Does it dry totally clear?

Yes. It dries crystal clear under black light or sunlight. You can find it on Amazon or Ebay. It's called UV Resin.
Here's one:

https://www.amazon.com/Resin-Crystal-Clear-Hard-Type/dp/B0991PB6BJ/ref=sr_1_17

Pinballhelp.com and search leveling inserts. Several very good videos.

This may work for inserts which are sunken and otherwise flat, but often the inserts are cupped (concave) in the center, and on older woodrails, even shrunken.
It those cases, some type of filler needs to be used. I've often thought about using "Cover Your Glass", but I don't think it's available anymore. The model railroad stuff (fake water) sounds promising.

On concave round inserts, aren’t new ones generally available?

I had a Buccaneer that the inserts were cupped bad and loose. I figured I'd buy all new ones and just replace them all. Unless you restore the whole playfield to a bright shiny new playfield, especially the white ones, the new inserts don't look right.

I've leveled 3 games worth of inserts. 2 successful, 1 not so much. The bad one I think was related to a previous attempt at a repaint. Other 2 games they practically fell out. I followed the pinball help link above. Once out, using a heat gun with the insert facing up, heat the top of the insert. Look closely at the plastic and you can see a change in its sheen. At that point, flip it over on a smooth surface and press down on the insert with something flat that fits inside the plastic. I usually use wooden dowels. I use a ceramic tile to heat on and a piece of glass to press against.

BubbaK thanks! Great tips.

There is a difference between unlevel/sunken inserts... and sagging/cupped inserts.
Always level inserts with heat gun and re-glue or you'll have problems again in the future. The insert needs to be "secure" in its forever home or it will eventually work it's way out.
Cupped inserts either need to be "melted" back in shape as BubbaK suggested; and/or use some kind of filler to level the shallow areas.

I tried one insert using automotive clear coat to try to fill in, sand, fill in, sand and it took way too much effort. First time with the heat gun was a bit scary, but you get a feel for it pretty quick. It works and its quick as long as the inserts come out. The first few take a few times to heat and press, but once you get the time to heat down, its not bad.

I used this stuff, not bad.

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The last picture looks great. Did you spray it on?

Used it for filling inserts, though people have done playfields with it. Seawitch was finished with 2 part auto clear Spraymax 2K.

So far the results are good. The Diamond clear does take a few days to properly harden though and you have to be careful about humid conditions which can make it bubble if going in heavy. Almost all the inserts on Seawitch were filled this way.

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Ok cool. I have had some really good results with the spraymax.

So you filled the inserts, then what put the first coat of 2k down then sand to flatten everything? and then go for your finishing coats.

Have about three cans of Spraymax on Seawitch. First was after cleaning and doing some art work, then I did insert filling and water slides, then second coat. Sanded flat as possible and then hit with last coat.

With the Diamond coat I actually used a single edge razor blade to 'blade" the inserts flat before finishing with 600-800 grit. Does a great job taking the high spots off in a hurry without impacting the surrounding area much.