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If you are just trying to level the paint to put vinyl over it I would wet sand it with 600 to take down the clear. If you're not familiar with paint work I would start with 800 wet so you don't burn through the paint.if you are planning on re-clearing your panel just wet sand it with 800 then 1000 and spray your clear.
On the cheap... this can work out... the vinyl will cost even more... I heard like 300...