Al, I think that is what they used to call Orange shellac and I think it is the waxed variety. For several years now I have been mixing my own shellac from flakes purchased from shellac.net as I could mix it up in any amount I needed and it would be fresh. Once shellac is mixed with denatured ethanol the clock starts ticking and it starts deteriorating. Just how fast I don't know but I want it to be as fresh as possible since old shellac is not supposed to work well. Since I only re-shellac every two years whatever I have left over will be old by the time I shellac again which is why I make it from flakes instead of buying it pre-mixed in the can. The cans used to have a date on them but I don't think they do anymore so one does not know just how old the can is. I am sure Jerry and Rollin go through cans of Bullseye shellac so it never has a chance to get old. Fresh flakes dissolve quickly in ethanol solvent. I can also control the "cut'. I make it a 2 or 3 lb. cut. I put on several coats with an 8 to 24 hour drying period between coats. Lately, I have been rolling it on instead of brushing to get a more even, less mottled look until it looks brown enough, 4 to 6 coats. I used the orange, waxed flakes because that is what Rollin and Jerry recommended. Also, I make sure the denatured ethanol is almost 100% ethanol, not 60 or 70% as is some hardware brands of "ethanol".
It sounds like you used the right stuff and did it correctly so I do not know why it turned white and chalky. When I had a problem I emailed the folks at shellac.net and asked them. You might try asking them about the white, chalky look. I was adding coat after coat since it seemed to dry by the time I got from one end of the canoe to the other. I was told to go to a 2 lb cut and wait 8 hours at least between coats so each coat would be really dry. That helped a lot and solved my bubble problem. I also shellac in the fall so the shellac can "harden" over the winter so I don't get rope marks from tying onto a car.
I would be very interested if you find out why it went white and chalky. I really have nothing to suggest except to re-shellac more often, ie., when it starts to look "thin". Good luck. If I can help further, let me know.
Mark Z.