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I am trying to imagine what you would be doing with concentrated hydrochloric acid and san-mai. It does not need an etch, and certainly not one that severe. If using muriatic acid, it must be highly diluted. I only use it on stainless damascus and at 10:1 concentration for etching a hamon.
I used nail polish for a while, but now I use my blue Dykem. It's easier to see if you got a good heavy coat on, and that makes it easier for me to apply with a little brush. Plus, it seems to hold up well. I know it's basically lacquer as well, and I have no clue about how it would hold up to string muriatic. I use it with 4:1 FC.
I went through some headaches with muriatic acid myself a while back. http://www.bladeforums.com/forums/showthread.php/1321216-Can-superglue-resist-Muriatic-Acid-(etching-stainless-damascus)?highlight=possum
After that I learned that some companies make a "hard ground" masking agent that is supposed to resist full strength muriatic, but I did not get to try it out personally. It's not too expensive, so maybe it would be worth a try.
http://www.dickblick.com/products/charbonnel-lamour-black-satin-hard-ground/
If ya find something that works, please report back & let us know. I'll likely need the info again in the future.
Two of the old resists were asphaltum and wax. The waxes came in several types from ones like beeswax to hard waxes similar to sealing wax. Plain pitch was used, too.
BTW- when everything in your shop starts to rust or corrode-remember that you have muriatic acid on hand. Then get rid of it.
Or, do as I do and store it outside.