I would stop listening to your buddy, so many wrongs there it isn't funny. Probably be a good fit employee for many of the maacos out there though, heck don't even bother sanding it and just stuff holes with filler.
I sure hope a school isn't really teaching that sort of thing, and either he is full of bs and trying to sound like he knows more then he really does (like I seem to remember a few kids back in school being like and a young tech or two fresh in the body trade). The statement that he can spray it so smooth and not require any buffing and it will be show quality makes me think this is the case.
Those of us that have been around long enough have been humbled enough times in the past and know how easy imperfections are to get or how catastophic things can go at times, no matter how long you have been painting and taking all the steps to do everything right. Your bound to get at least a few imperfections and dirt nibs, even with the best of booths, equiptment and lighting, and buffing is needed pretty much everytime if the goal is to get it is flawless as possible. Urethane also has some inherent peel no matter how perfectly applied, which is why many guys here spend the added time flow coating and cutting and buffing to get show quality work.
But then I guess everyones defignition of show quality is different (seen enough in shows shaking my head why it was entered), and someone who has spent a lot of time working in paint and body can pick out flaws in pretty much any paint job if they look close and hard enough, and believe me that what most paint and body guys are looking for when at a show, we can't help it.
Out of what I could decipher out of that long runon sentance, the only thing I can maybe agree with is taking it to metal (but not needed in all situations if modern materials in sound condition and its a relatively new car), and maybe a 1.4 tip for shooting most urethanes.
Hardly anyone will use lacquer anymore, and any self respecting bodyman would either replace the part or replace holes with new metal, and wouldn't stuff holes with filler for a customer,(although surprising how often this is found once you dig into a vehicle for repair), and would send a car away if the customer didn't have the money to do it correctly or they didn't want to do the job.
Only thing that matters is the clear, bullpucky. Don't think there isn't a difference in the quality of the base and primers, and that they have an effect on outcome or longevity.
Do a search on here about self etch, and what most professionals opinions are of them.
If students are actually being taught that sort of nonsense in school, then thats a shame, being is school is costly and you go there to learn the correct procedures and materials to give a long lasting repair. If anything in my experience schooling teaches you correctly, and bad habits are most often picked up in a shop where often speed is priority and it has to look good (at least as good as from the factory) as it goes out the door and usually is meant to last as long as the car is either totaled or sold.