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do you think rubbing or polishign compound could get rid fo the little dust flakes that accumulate as part of the final finish?

it might get rid of the actual particulate, but the small hill of paint won't go away. using polishing compound by itself won't flatted out orange peel. otherwise nobody would bother sanding. it only polishes the peel itself. it all comes down to what level you're looking to achieve. completely flat paint with straight reflections and no peel? you're going to have to sand. some orange peel and small dust/dirt nubs? just polish. seems like a proper top-coat rolled onto a flat surface probably gives a finish similar to a factor paintjob.