Wiping it down with lacquer thinner is fine; it won't hurt the wood at all. If you are going to prefinish it before installing it, you have lots of choices. Spraying lacquer (nitrocellulose) would probably be prefered by many pro painters. It is fast and cheap. Another option is to use Zinsser's Seal Coat. It's a wax free shellac that can be brushed on, rolled or sprayed. And you can apply any finish you want over it, even lacquer. Waterbased finishes raise the grain so require you sand the wood very fine to help prevent that. They also are completely clear and impart no color, therefore, can look kinda drab. You also could use Waterlox, a great looking tung oil finish that is very easy to use.
https://www.waterlox.com/default.aspx
http://www.zinsser.com/product_detail.asp?ProductId=72