I used this method on my Johnston. I like it much better than using lacquer. When I used lacquer the balsa got really flimsy and eventually started to dip in between the ribs on my Suffren. I now use Titebond for all my sheeting. I like using lacquer for patching though.
I actually prefer lacquer for patching over anything else. I like the fact that it can be applied with a brush (don't have to use my finger) and one can will last me a very long time.