Wes,
The Traditional sealer and finisher is not wax free.
But the sealcoat is as you can see on the can.
The Traditional sealer and finish is a 3 lb cut. You can de-wax it by pouring it into a glass jar, letting is sit for a couple of days (you will see a milky haze at the bottom of the jar, this is the wax) and than pouring out the wax free shellac, but be careful not to pour out the wax with the shellac, go slow. Wax is part of the seed-lac and can be removed during processing but of course this adds to the cost of the product.
The sealcoat is a 2 lb cut of wax free shellac (and what ever else they put in it to make it last as long as it does)
I wouldn't use the traditional sealer under lacquer or any other finish for that matter. It would be fine for jigs I guess though but the wax will cause adhesion problems for any other finish.
Get some of the sealcoat and you're good to go.