This kind of work should only be undertaken by a very experienced enthusiast or a professional detailer, the paint sections / panels that are difficult and involve risk are usually those that are close to the edges of a panel (as this is were paint is usually thinnest) or highly contoured areas. Flat areas like the trunk, hood or roof involve minimal risk.
Wet-sanding levels the paint (and removes orange peel, harsh acidic or alkaline marks, etc) it removes approximately 0.025- 0.03 Mils (a Mil is 1/1000th of an inch) of paint from the vehicle using 2000 -grit finishing paper, Bear in mind that a clear coat has a thickness of 1.5 – 2.0 Mils, removing more that 0.3 – 0.5 Mils of clear coat may cause premature paint film failure. As a point of reference a sheet of Saran wrap measures 0.95 Mils
A digital paint thickness gauge will allow you to measure the film thickness of the paint system which includes the e-coat, primer, base coat (colour) and clear coat, total thickness is usually 4.0 – 6.0 Mils. Check the paint system both before and after wet sanding and this will tell you how much paint has been removed. For these reasons all car manufacturers now specify that the paint thickness be measured in 0.1mil, or 1/1000th of an inch before and after any wet sanding or buffing. The following are the maximum allowable clear coat reductions the major USA car manufacturers will allow: Chrysler – 0.5 mils; Ford – 0.3 mils; GM – 0.5 mils without compromising their warranty
Caution- It is possible to wet-sand orange peel, but if you try to eliminate it completely you risk severely compromising the paint thickness.
Knowledge; [and the proper methodologies are the key to correct automotive detailing]