At the time lacquer was the cheaper option for finishing drums but they generally were not the high gloss type finishes we see today (most of which are not really lacquer, usually some sort of poly finish although Gretsch still uses nitro-lacquer on their USA Customs).
High gloss lacquer is very labor intensive (multiple coats with hand sanding in between). That is why lacquered drums can be so expensive today. The lacquer drums from the 50's and 60's did not have this done to them. The paint was simply sprayed on and that was it. Lacquer was used for drums (and many other industrial finishes) primarily because it dried very quickly. In fact that was one of the main reasons DuPont developed their Duco line of lacquers. It was a fast drying finish that could speed up auto production. Earlier enamel paints could take days to dry where the lacquer was dry in a relatively short time. Modern paints have solved this problem in other ways and true lacquer isn't used much anymore.
Drums destined for a lacquer finish had a maple outer ply to give a smooth surface for the paint (wrapped drums usually had the more porous mahogany exterior which worked better with the glue for the wrap). Drum manufacturers usually did show some color combinations in their catalogs and two tone paint jobs were popular although you could get a solid color as well. I'm not sure about the other brands but Ludwig stated that you could order any color you liked. You simply had to provide a sample for them to match to. They probably had these colors custom mixed at the paint store or perhaps had their own mixing capabilities.
Other than solid colors like white, Black, and Tony Williams Yellow, most modern lacquer finishes are a glossy clear coat over a stained base color. recently Gretsch has introduced satin colors at reduced pricing. the difference being that there is much less labor involved in the non glossy finishing.