I'd recommend what all the other guys have recommended so far...
First, find out for sure that it's single stage paint, this is easy to do with red, all you need is a white cloth and a white colored polish and then rub in an inconspicuous area for a few seconds and then turn the cloth over and inspect.
See my article here,
How to Test for Single Stage or Clear Coat Paint
If you see red pigment coming off the panel then it's a single stage paint system. If it is, then decide how important this project is to you and involve the owner also.
I'm a huge proponent of rubbing down older, original and antique single stage paints using the #7 Show Car Glaze because it's rich in some very specific polishing oils that have been used on single stage paints since we stopped riding horses and transitioned over to driving cars. That's a long time. Plus my personal experience has shown this product to be the best choice for restoring and revitalizing neglected single stage paints.
Educating your customer on the procedure and then explaining the time factor is all about getting them to understand there's a cost to your time, labor and materials. That's why I say, find out if it's single stage paint and if it is, find out if preserving it is IMPORTANT to the owner. (I already know it's important to you to do your best work I've read your posting history as it's evolved on this forum. You have the mindset of a professional detailer.
The Mindset of a Professional Detailer
Here's my article on restoring antique and original single stage paints...
The Secret to Removing Oxidation and Restoring a Show Car Finish to Antique Single Stage Paints
Whatever approach you use on this car, be very careful of any raised body lines as the paint can be "whisper thin" in these areas. This 442 I buffed out recently had primer just starting to show through on a raised body line behind the winder of the driver's side passenger window.
I knew if I could visually see the the tale-tale signs of primer on that raised body line then chances were good there were other thin spots and I don't want to be the guy that finds them.
Stick with foam pads and medium cut polishes if your testing shows this will work and only use aggressive compounds and cutting pads if needed.
I have a 1978 Corvette coming up with the factory original paint and I'll be doing a #7 rub down on it as well as a 1950's era Mercury with the factory original single stage paint that I'll also be doing the #7 rub down to...
Single stage paint is real paint and in my opinion a lot more fun to work on than modern basecoat/clearcoat paints.
So enjoy and be sure to read this article and get great hood shots BEFORE you start rubbing anywhere on it...
The power in the after shots is created in the before shots
See how I took this shot
BEFORE rubbing on it
ANYWHERE so the entire panel is ugly and shows the complete and full condition of the paint.
Before
See how dramatic the after shot is in context of how the before looks...
After
Have fun with that...
:dblthumb2: