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I have used both processes. The wet sanding to a lesser degree. I had a 1974 13 footer that I restored a few years ago and used a compound followed by 3M Finesse It. I can't remember the brand of the compound, it was given to me by site member GEP and it worked like a charm. It was roughly tan in color instead of the red that rubbing compound generally is. I beleive it had Diamond in the title.
I wet sanded parts of the 22 footer with 2000 grit sand paper and that worked great also. Followed it up with a buff and polish.
It seems that most people who advise against the wet sanding feel that the thickness of the gelcoat (.020) is an issue. I was about as conservative as you can get by using the 2000 grit paper.
This winter/spring I'll be doing alot of both on the Guardian.
