If it were me, I'd start with the red and not use the white as a base. Anything you gain by building up with white may cause you trouble by having to cover it with additional red coats.
If the 3 cans are of different suppliers, I would make sure you have 3 compatible products on some scrap or cardboard before you start on the body. This would also give you a chance to see how well the red covers the white if you still want to that way.
Lacquer burns in on every coat so it re-wets the previous coats and flows them out a bit. Unless you're having issues with the color laying down smoothly, wet sanding between coats is not needed. It just takes away finish build up that you'll need when you do wet sand. A cool trick is to get a can of blush remover, which is mostly thinner and retarder, and spray the body after color coats. This will flow out the top coats reducing the need for wet sanding. And, of course, address any blushing issues you may have. Let it dry for 48 to 72 hours, wet sand and then start your clear coats.
Peace,
Mark