I bought an Eco-dipper and gasket lacquer last summer and so far have used it on cedar, sitka spruce, and german pine shafts.  I'm really pleased with the finish.  I have been running a shaft through the gasket, hanging it in the rack, doing the next shaft, etc.  then after the last one I go back and do them all again, hanging them in the rack after each coat, till they all have 3 coats.

 here's my question - do you think it would be all right to just run each one through 3 times before hanging it in the rack, thereby only handling each shaft once?  or is that 10 minutes or so drying time between coats important?

I think it would drip off and leave you no better coverage than one coat.

It won't drip off. The amount of finish left on the shaft after the gasket is too little, too thick, and dries too fast.
I've done something like what you propose when I'm trying some new art on just one shaft. I dip once, wave in the air for a couple seconds, dip again, wave, dip, wave, dip. I haven't noticed anything bad happening to the finish done in that manner.
However, I will say that I normally do all the first dip on all the arrows, then the second on all the arrows, etc. I haven't tried the dip, dip, dip method enough to give a solid for sure, can't go wrong, answer.

Guy

The first couple of coats dry almost instantly. Successive coats take a little longer to dry each time, but still only a couple of minutes. I think it's important for the finish to dry completely between coats.

thanks guys.  it's not so much the time, but the extra handling I was trying to avoid, because one of my rubber gloves gets pretty well gunked up with lacquer.  but better safe than sorry, I will continue to hang them in the rack between coats.