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Enzie,
I am ceratinly aware of paintings done in this method surviving pretty well today having been done 60 - 80 years ago. But it's generally accepted that all oils on paper are really to be considered pretty temporary, in the great scheme of things. Ralph Mayer (The Artist's Handbook) reckons on oil works on paper (he doesnt mention shellac primed paper though) as having somewhere between 35 and 200 years of good condition depending on their weight and rag content.
The shellac may improve that lifespan a little, as it protects the paper somewhat from being deteriorated by the paint.
Thomasin
As the shellac may make the paper more brittle and prone to cracking, I would think glazing would be best if you want to preserve it as long as possible, but it's probably wise to say again, if you are aiming for real longevity it's always going to be best to stick to a panel or a canvas.
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