A couple suggestions.
Wet sanding is not hard but if you're inexperienced at it do yourself a favor and spray on a couple extra coats of clear. The last thing you want to do is sand through the clear and if you do then you'll have to sand and re-clear the panel.
Second, you can hand buff but it will wear you out quickly. If you want to hand buff do it soon after painting (within 24 hours or so). After that the paint will really be too hard to do by hand. Not that it can't be done but it will require that much more effort.
Power buffing requires care when nearing edges and peaks in the body so you don't go through the paint. With a power buffer it is easy to do that. Especially if you're not experienced using one. If you're careful and use good quality compounds you should be OK. The best technique is not to color sand right up to the edge or peak so you don't have to buff that hard in those areas.