Several weeks ago there was a post, which I can’t find now, about the best alcohol to use to dissolve shellac. The consensus seemed to be that denatured ethanol gave a reasonable drying time and was readily available.
Here in Canada, it’s almost impossible to find denatured ethanol. What we use for shellac is methanol — or as it’s called here, methyl hydrate. It’s true, it dries really fast, so you have to be quick. But that means you can put maybe three coats on in an evening.
I think that shellac will dissolve easily in any alcohol — methyl, ethyl, isopropyl, and so on. The only real difference is the drying time — short, for methyl, longer for denatured ethyl, and if you wanted to add isopropyl (rubbing alcohol), that would increase the drying time even more. Just make sure your rubbing alcohol doesn’t contain water.