Okay, so I finished my wet-sanding project. Was actually really easy...just time consuming. And I've narrowed it down to just a few steps to make it easier.
1) First try using a rubbing compound, followed by 3M Finesse It polishing compound (really expensive, like $18/bottle..but worth it). If this doesn't fix small scratches, go to step 2.
2) Get a rubber sanding block (the one I used was made by 3M and worked well), and first use 1000 grit sandpaper (you may have to start deeper for really deep scratches). I picked up the high-grit sandpaper at TAP Plastics (the place saves my butt again). Keep the paper really wet. You should get all the scratches out with this step.
3) Follow over with a 2000-2500 grit sandpaper (wet, of course) to smooth out the scratches from step 2). I used 2500. Go over the entire surface really well (focus on small patches), so you don't have to repeat sanding after buffing.
4) Use the Finesse It polishing compound with an orbital waxer/buffer, and go over several times...with a lot of pressure. You won't believe how the gloss comes right back.
5) Wax when done...Finesse It has no wax in it. Recommend using the orbital, again, and go over several times...since you're down to fresh gel-coat.
To do this from the keel forward on the bottom of the hull took me about 6 hours total. If I knew the steps above, I could have had the whole thing done in under 4. It really wasn't difficult. The hardest part is using the orbital...the vibrations make your arms feel like they're about to fall off, especially since they're up over your head the whole time.
Oh, and I recommend also getting one of those little roll-around cart things that mechanics used. Mine was worth its weight in gold...was like $20 at the local auto parts store. KEEP YOUR HEAD ON THE PAD or you'll pay in neck pain the next day.
So thats it. Here is a pic below. This is the starboard side, before doing any work on the hull. Note the scratches in front of the pads from bringing the boat onto the trailer too shallow.