If you're removing the old paint, throw an 80 grit disk on a DA sander and have at it. Lock the DA in for just turn, not random, it'll go a lot faster.
If you're already have your parts in bare metal, shoot a couple of coats of epoxy primer, then the high build primer of your choice on top of that.
Now, when you start sanding on your high build, start with a long board and 180 grit sandpaper. Sand in an X pattern, and don't push on the sanding block, let the sandpaper do the work. This is probably the most inportant step in getting those panels straight and flat. Use a contrasting color of lightly misted lacquer or urethane as a guide coat. Keep adding high build primer and guide coat until you have no high or low spots, then do as Rob said, and go to about a 320 or 400 grit. I don't personally wet sand, and I always use a sealer coat just before I spray my paint, so I usually just quit at 400 grit.