The result is quite shiny. There is no visible yellow grain. The slightly silvery spots that I damaged are almost not visible anymore, thanks to the added yellow color of the shellac. There are a couple dust spots visible, if you look: perfection is not of this world. But the good thing about shellac is that you could sand the top again a little, and apply more shellac - or just do that without sanding. The alcohol dissolves the shellac, so you can always add new coats.
Erik Bruchez describes how he used shellac and denatured alcohol to re-shellac his Yost 20 followed up with 600 grit sandpaper to smooth things back out as necessary.