Hi fivebasslimit,
I just done the same to my fender today and had no problems at all.Im not a pro but here is what I used.
Meguiars m 85 diamond cutting compound.Meguiars red and white solo wool pad on a Dewalt 849 set at 1400 rpms.
The depth of shine is unlike any I have seen to date.It was super easy,and it was my first time ever using it,so I was nervous at first,but got it done quite quick and easy!I'm going to do the whole boat now.
Here is a good online source for all the Meguiars stuff http://www.autodetailingsolutions.com/
You can also learn a little more about it at Meguiars chat room, http://meguiarsonline.com/
It is a very helpful site,I have been reading there for a few years,I use all their stuff on my truck and car.
I can take some pics and email them to you if you would like to see it! And the stuff I used!
Good luck!
Ed