It depends on how skillful you apply the final coat. Lacquer melts the layer(s) under each new coat. How deep is the result of how heavy the coat is and speed of thinner used.
When the layer(s) below are melted,some flating agent floats toward the surface. If you are brushing,the effects are compounded. Rubbing lacquer out is required for optium appearance so that's how you can attain exactly the gloss you want.

As klem1 says, rubbing out the lacquer will give the best result and optimal control over the final gloss. Achieving a perfect high gloss finish is not easy, but a slightly burnished look is readily accomplished.

Your approach is somewhat backwards vs what is usually done, eg to apply gloss until the final coat, then finish with a semi-gloss or matte. The particulates that reduce the gloss level muddy the finish, so most folks keep them to a minimum, only in the top coat.

What rweigand said. You build film thickness with gloss, not semigloss. Lacquer is cool in that you can "satin it out" with pumice & oil on a rubbing block.
Casey

Thanks for the lesson on applying lacquer/Lacquer for Dummies :)
Never in 100 years did I imagine choosing a stain color would be this difficult. And we thought we wanted a semi-gloss finish but after experimenting with semi-gloss on a test board, we realize we'd like to have a bit more shine (hence my question worded the way it was).
Monica