Hi, Steve. There should be no reason to sand the wood that much. When you are refinishing, the less sanding that you can do, the better. Remember that you are removing wood and this makes the joints look funky if you sand too much. This will show up like crazy on a black lacquer finish if you are still going that way.
I used several Black & Decker finishing sanders until I got tired of replacing them. I just bought a Porter-Cable finishing sander at Sears and am very happy with it so far. I also have a drum sander set up with a home made table in my drill press. This is great for curves on new work and heavy wood removal. The detail sander would be very helpful if you had a lot of moldings to do or something, but I am still sold on a finishing sander for most work. If I was glueing up a lot of panels, the random orbital sander would be great but they do take some getting used to.
Steve, I buy sandpaper in sheets and cut it all into quarter sheets (4-1/2 x 5-1/2"). This fits the finish sander and is also the right size for folding into thirds for hand sanding. If you have concave curves to sand, wrap the paper around an appropriate sized length of dowel.
If you are going to go with the lacquer, get a rubber sanding block (this takes 1/3rd sheets)since you will be hand sanding this with wet or dry paper used wet. The water will let the paper cut twice as fast and still allow you good control.