Is this wood a plywood panel or joined boards ?
If the latter, the shellac must cover all 6 sides of the panel or it will not be stable across the grain and will expand and contract with air moisture changes.
If plywood, stability is assured.
In either case, the wood surface should be wetted, sanded with 320 and possibly higher grits to remove the fuzzing. Shellac applied with light sanding/steel wooling (OOOO grade) between coats to get a very smooth surface. Any adhesive that has an alcohol will tend to dissolve the shellac. Best bet is to call the customer service number for the adhesive manufacturer for compatibility with shellac. And test with a small paper and wood sample. A catalyzed varnish might be a better bet.