Paint done, 50 dollar method

Wet sanding won't do anything but knock down a rough finish if the grit is lower than ~1600-1800. The dark metallic blue 10 year old Maaco/Earl Sheibe paint on my '68 was oxidized so badly it was easier to wet sand it out. I only had grits up to 1200, but that was fine enough to allow polishing compound to shine it up afterward. A finer grit paper would have needed less elbow grease with the polishing compound. Now the paint looks pretty good from 10-20ft away, but the body itself needs some attention.

Long story short, wet sanding with some really fine paper and polishing afterward will definitely improve the finish even on rattle-can paint. Throw some good thick wax on top and it will look good.