sounds good.
The general rule that I was taught was to use grit JUST fine enough to cause scratches the same as already exist (or slightly finer), use that to make the surface consistent, then progress to finer and finer grit until the desired finish is achieved.
Rubbing compound and polishing compound are usually the last finish I apply.
One of my favorite "new" tools is surface conditioning disks/belts. (Think green scrubby) I have them in disks for my drill and belts for my sander in various levels of aggressiveness. They really "condition" the surface rather than stock removal.