To me the correct answer depends on a lot of factors and we'd need more information from you to fully answer that question. Without that information if you'll do a simple baggy test you'll get your answer. However, I'll give you my scenario.
My dad and I was trying to polish out a 25ft. Baha Cruiser walk-around Fisherman 240. This boat is a 1996 model and wasn't in too bad of shape. The boat came out of Florida and had found a new home on the Great Lake Erie.
We started by washing and drying, then going to a wool pad on a rotary with 3M marine cleaner wax, and some compound. The compound proved to work best but was very grabby and generated a ton of heat on our test spot. The shine was certainly better, but the surface was not completely smooth.
I just happened to have with me a complete over-the-counter Meguiar's clay kit. I got it out and started using it right beside where I had already compounded.
After awhile my dad came around to my side of the boat and I asked him to take a look at the two areas I had been working on. He got positioned along the side so he could use the glaring light to see what I had done. He said, "yeah I see where you polished but what do you want me to see on the second spot you mentioned?" I asked him to take his hand and rub it along the boat where nothing had been done, and keep feeling along right on into the area I had polished, and then right on in to the area where no compounding had taken place...just the clay bar.
As he made the big swipe he said he could feel a difference in what had been compouned but wanted to know what I did to the other spot to get it so smooth while it had no shine to it.
The moral of the story is he and I spent the rest of the morning claying the entire boat inside and out, and then we compounded and polished it.
The claying made a huge difference in how the compound and wool acted and generated much less heat and allowed the shine to be amped up quite a bit as well.
So, do baggy test on it just like a car and see if it needs to be clayed. The plastic bag will allow your hand to feel the contaminants and save you a lot of wasted time and frustration.
I never dreamed that clay would work on gel-coat, but it does.