I've been out of the painting scene for 12 years and am in process of paiting my 70'camaro. Back then laquer with clear was the way to go but am confused, is base coat clear coat the obvious choice now?
Definitely. The basecoats are thin and dry to a dull sheen. Then you give it the gloss with the clearcoat. Today's clearcoat paints are catalyzed, but yet flexible, which lacquers didn't have and are a couple of the reasons they eventually cracked.
Base/Clear is much better than Laquer. B/C remains more flexible, is more durable and provides a better shine. Another thing to think about is that traditional Laquer is not even legal to apply in some states and paint store don't stock it.