Shellac is a beautiful relatively old finish and is often (a bit too often in my estimation) used as a sealer for wood. It is wonderful for sealing off things that might react with varnish like silicone, oils, resins, waxes, stains and odors in the wood ( it covers smoke and animal odors very nicely).
However, unless your boat is made from a resinous wood like pine, a herd of cats used it for a litter box or is in the process of being refinished and a stripper was used to strip the old finish, I'm not convinced it's the best solution in all cases. I think it is best to stick with one finish for all your coats unless you are likely to have one of the problems mentioned above. Mixing finishes produces weaker bonds between the finishes and can lessen the protection and durability of the primary finish (top coats). Especially if the primary finish is more protective and durable than the shellac...which most varnishes are. Shellac that contain wax does not bond well with polyurethane so should not be used under that type of finish. Zinsser makes a de-waxed shellac that could be used if need be.
Having said all that, I do use shellac on many of the items that I build. All of the guitars I make are French Polished, often my pine furniture is sealed with shellac, it's also the main finish for many of my other furniture projects and is also my base coat on any canoes and wood boats that I re-finish. However, on the new boats I don't seal the wood with shellac unless I anticipate an issue with one or more of the problematic substances mentioned above.
On new wood I usually follow the manufacturers directions for thinning which ever varnish I'm using (if necessary), use the first coat of varnish as a seal coat, let it cure well (two days, sometimes less depending on conditions), sand it well and continue with my finishing routine.
As I said, I think is an awesome product and unfortunately it is often touted as a sealer for all occasions. It is not but is a valuable tool when used in the correct situation.