When you say "Lacquer", are you wanting them clear over the bare alloy then ???
(Lacquer is normally just a clear coat)
Or do you mean going over the paint that's already on there / painting a different colour ?
Either way, Plastikote acrylic Lacquer (from Wilkos!!!) goes on nice & thick, & flashes off quickly so not as prone to running as normal cellulose lacquer (aka Halfords rattle can stuff).
At this time of year it will take a few weeks in a warm room to get nice & hard though. Once hard carefully flat with 1200 wet/dry & T-Cut to a nice shine. Then a good few applications of Turtlewax to hold the shine.
I would shy away from stripping magnesium fork lowers, just rub down where needed & prime any bits that are bare.
I've just done an old ht frame for the Winter & its come out rally nice. Just have to be patient while it hardens off.