Thank you, mc2hill.
Yeah, I'm being careful not to go too crazy, but I do want to shave off just a tad extra in the more troublesome areas.
Overall, I haven't hit it too hard with the Compound as is; I managed to eliminate a lot of the big scratches and imperfections with just a single pass, some with just a simple polish. I'm not too worried that I've removed any significant portion of clearcoat, but there are a few areas I want to go into a little deeper.
I don't know what happened to the paint job beforehand, but it looks like a mechanic or service tech leaned against once of the fenders and scratched the holy hell out of it on one side and somebody drove along some bushes or something on the other. I managed to get virtually all of that damaged cleared away, but then there are these various little scratches and specks scattered across the upper portion of the body like it went through a sandstorm.
I'll give the microfiber pad a try, hit the areas with a pass or two, and if that does the trick, great. If not, then it's as good as it'll get.