I ended up using a heat trace cable (recommended by a specialty shop that sells rigs like what I'm describing) and wrapped it in foil and in pipe insulation around my pressure pot's fluid hose.
It actually did the thinning I was after. My temps were around 140F and very steady. Worked very good to thin the material, it atomized beautifully. However I was still having to spray too much material to get it to flow out and solvent pop was the result (lots of tiny trapped air bubbles).
So back to thinning my lacquer 50/50.
The kicker for me was when the heat trace arced. Not a pleasant sound next to a pot full of lacquer and sprayed mist in the air. That's the end of heating for me (at least with my current setup). I really wouldn't have expected the specially designed heat trace cable to malfunction in use. But I guess if it can go wrong it will.