I take it upon myself to wet sand just about every car we purchase over the first several months of ownership. I do NOT like orange peel and I love to purchase black vehicles. The Magnum in my avatar is only about 50% completed at this time and our black Dodge Ram is just now being finished. I typically sand 70 to 80% of the orange peel out of it and proceed with 2000 grit followed by 2500 grit. From there, the rotary comes out of storage and some compound takes over.
The sanding technique is the best way to attack orange peel due to the ability to 'block sand.' If you use a pad and compound, you are hitting the high spots of the orange peel, but you are also still doing some work in the low spots of the orange peel, thus you don't make head way as fast. It is very difficult for sand paper wrapped around a sanding foam to contour to the surface of the paint. It has to start with the high spots and work down into the paint, thus the reason it is so effective.
Todd