Norm, I would go with oil based poly for several reasons. Hair oils, water and alcohol from perfume and after-shave lotion will have an effect on such areas as the tops of dressers and the headboard. The oil based poly has better wear and scratch resistance by far. At the same time, reversibility of finishes might be important to you at some time and shellac is easily reversible, i.e., you can remove it easily. There really are a lot of variables in choosing a finish as far as the properties that are important to you. You might want to read Chapter 13 of Bob Flexner's book UNDERSTANDING WOOD FINISHING for all the benefits and liabilities. Personally, I usually elect to go with applying the product that offers the best protection to the wood, but that is a personal decision. The warm look of shellac, ease of clean-up and inherent safety except when you are spraying it are factors in it's favor.
Wish I could help you decide better but what you expect from a finish, application situation, meaning not just brush or spray but how dust-free the work area is, and many other factors can all play a role.