I let the veneered panels sit for over a day to make sure the glue was completely cured and then I sanded them to 220 grit.
The deep red color of the veneer completely sanded away, must have been age or oxidation on the surface. I did a sample with shellac and the color comes somewhat back; maybe a bit more brown than reddish.
I used my old blonde flakes and after 3 nights of eating pasta to empty a jar, I mixed up a small batch to test if the flakes were still good. They were stored in a dark cool place with controlled humidity. I also ordered a fresh batch, why take chances?