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

I'm right in the middle of doing this on my car. This was my first at home paint job, and I'm doing the wetsanding and polishing exactly the way my paint supply guy told me, and its comming out fantastic.

Start sanding (hand sanding) with wet 1000 grit using soapy water.. Sand till most of the orange peel is gone. When you squeegie the water off, if you still see little shiney spots then theres still orange peel, keep going till most of the spots are gone. Sand in one direction only (line front and back on a panel)

Then switch to 1500 grit, sand in the other direction (up and down), when you squeegie the water off and look at the surface all your sanding marks should be up and down. If you still see front to back marks, then keep sanding with the 1500 till all the 1000 grit marks are gone.

Then switch to 200 grit, and go back to sanding forward and back, till all the up and down 1500 grit scratches are gone.

I then used the Presta Ultra cutting creme with a power buffer. (yes you need a power buffer, buffing by hand just wont do it). Work in small areas at a time, and go up and down, then left and right each time. Wipe off the residue and check out the shine. Each area may need gone over a couple times to get a perfect shine. This was with a wool pad.

I then switched to the Presta Ultra Polish. with a yellow foam pad. Same procedure, work the pad both directions, wipe off the residue and check out the results.

Also my paint guy told me that the longer the clear sits the harder it will get. After a year, you clear will be a little harder to sand, and take a little more buffing, but I'm sure its still doable.
Good luck.
If you follow this procedure, you can get some really awesome results.
heres a couple pics of what I have done.
In one of these pics you can see that the side of the car is unsanded and still has the orange peel, and the top of the car has been colorsanded and buffed.