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If you wet sand with a piece of wood (three paint stirring sticks taped together works great!) it will straighten your body panels even more.
I think the trick to this is using lots of water. I always have either a hose or a spray bottle and keep the area I'm sanding very wet all the time. I start with 1500 and go back over it with 2000 grit paper as I think it takes to much polishing if I don't use 2000. I use foam pads and 3M microfinishing compund and have had great luck with it. Sometimes I won't even use 1500 paper I'll just use 2000 so I don't have to worry about the scratches the 1500 paper leaves. I also used pad glaze with the black foam pad to remove the swirl marks the white pad and compound leave.
Just happened to notice this in a JC Whitney cataloge last night. I have no idea if its wany good.http://www.jcwhitney.com/autoparts/Product/tf-Browse/s-10101/Pr-p_Product.CATENTRY_ID:2004087/showCustom-0/p-2004087/N-111+10201+600003537/c-10101