I have a few different HVLP setups, but for small jobs, like the ones done here, I use a Graco 3900, which is a turbine style of HVLP gun. I've never seen a Wagner gun that was worth it's weight in hose crap.
Most varnishes can be shot straight or nearly so, though I'll add just enough thinner to remove "stipple". Often I'll add a "flow promoter" (Penetrol or similar) again to assist getting the finish to "lay down". It takes some getting use to, but once you start spraying, you'll find it hard to go back to a brush. Spraying applies a much more uniform film thickness and typically much less material per coat, so you can really fine tune the finish. Coupled with some buffing, this is how the pro's get those mahogany runabout finishes so nice. These mirror finishes are hard to master, but once you're experienced with the gun, thinning, etc. fantastic results are pretty easy.
Attached are some recent sprayed finishes. The hull has some stipple in it, but I knew I would be blocking it down with a long wet sanding session, so I didn't go crazy trying to get all the stipple out of the gun. Lapstrakes are a bit different, because you can't do a wholesale rub job on the finish, you have to work each plank separately. If it was a round bilge or slab sided boat, I would have tried to get the finish much smoother, then I would have buffed it up. Buffing a lapped hull always leaves a trace line, below each lap, where the buffer head can reach, so I hand sand instead.
The rudder assembly shows how clean and smooth spraying can be. The bottom forward section of the rudder blade is actually picking up a reflection from the washer it's sitting on. That's shinny paint if it can do that.
The spraying part is the very last step. The rudder reflection shows how straight (fair) the blade is. If you don't have really fair surfaces, there's no sense in spraying and buffing. It'll just show how bad you really are at the prep.
Sikkens Cetol Natural Teak is a combination clear finish with a some solids, sort of a part paint, part varnish type of thing. As a result it's translucent, not truly clear and can look "muddy" to some, particularly over light colored wood. It's a modified polyester resin with a xylene vehicle. Though they say only to use their special cleaning solvent (xylene) and not to thin it, they do so, because of the UV inhibitors they add. Adding a thinner just dilutes the inhibitor content, decreasing its effectiveness as a semi clear coating. I have to admit, I'm not a fan of the Cetol line of products, mostly because it doesn't look natural. My recommendation from Interlux would be Compass Clear, which is a single part polyurethane or Gold Spar, which is a single part modified polyurethane.