What I did on an 01' black 300m when new the wife had was lightly hit it with a festool 2000 grit mesh paper & then a hint longer time with their 4000 grit before hitting with meguiars diamond cut, which is a diminishing type of compound. I still like it today for time vs results on quick cleanups. Used coarser foam pad first, then finer foam pad. I carefully hand hit a few factory runs with coarser wet paper & small stick first. When sold in 2014, it still had a better than new gloss. Point here was to knock down the worst of orange peel flatter without removing too much paint from sanding or heavy compounding.
Not what I'd do with new freshly sprayed paint for a show finish, but worked appropriately for the situation. That was back then. Now I might use 3-m trizact 3000 / 8000 grit dry paper, again going a little light in time usage with the 3000 in favor of retaining paint thickness. Would hand use pads over sensitive areas. The 3000/8000 grit system needs much less buffing with a lighter compound. As stated , would not use a wool pad here.