Drube,
Yes if you use lacquer thinner it is not a water based product.
I learned the use of water based products for glassing at Tom Pierce's website. I pasted in the address but it did not come in as a link so you will have type it in. In his Reviews and Articles there is a section called Finding The Right Skin For Your Warbird. He goes into using solvent and water based products in good detail.
True it is not as strong as if you use glassing resin but it is actually fairly resiliant. It is certainly lighter and somewhat less expensive. Of course one huge plus is you can do this in your shop and not stink up the whole house.
http://www.tompierce.net/rcplanes/articles.htm
Regards,
John B.