The cut is how much is disolved in a gallon of alcohol. so 2lb cut is 2 lbs in a gallon. You need 1/2 lb in a gallon. So it should be 3 parts alcohol to 1 part shellac.
Jim
Edit:
I was a little too quick and too simplistic. the right answer is 2:1 alcohol to shellac. The explaination is in the article below.
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