Finish repairs require patience. This is the number one rule.
I'm not big on patience, although I've gotten much better over the years. This is a case in point. I'd rather get this right than wind up with an awful looking spot on the front of this guitar.
I wasn't happy with the color match I just did. So I went back for another attempt. You may recall I said that lacquer is forgiving. It is. I just gently sanded the spot again, and got the mismatched color off.
However, if you think about it, how did the color on the top of the guitar come to be this shade?
It was originally clear lacquer applied over spruce, right? And the bindings as well. Now, we know that the bindings were white - they still are where they didn't get sprayed with finish, or where the finish has chipped off. That's the clue.
What I did, then is went back to the drawing board (or jar of lacquer as it were), and mixed up some slightly off-yellow toner. I just took a piece of new white binding, mixed some toner, and brushed some toner on the binding until it was the right shade.
It's a perfect match when held against the yellowed original toner.
Then I can sand and rub out the whole thing.
What was it I was doing to this guitar? Oh, right, resetting the neck.
One leap forward, two leaps back.