wet sanding/polishing clear coat to eliminate orange peel effect....

.... looking for some advice on wet sanding the clear..... the car was painted last year. the car looks great in spite of the fact that the clear was just sprayed, and that's it, so it has a fair amount of orange peel effect that I'd like to lessen/eliminate.....

some questions I have are...

what is the best grit to work with?
is it necessary to power polish the car afterward?
or can one just get a good hand polish?
or for that matter, is polishing afterward even necessary at all?

thanx in advance :)