Yes, it is super easy and rewarding to see a nice finish after the aging that the fiberglass shows with just wax over the years. That front cap is typical of the results that folks have seen--looks like new again.
You seem to have all the tips in your head. Use a white or gray microfiber cloth to apply since the finish will bleed any color out of the rag (but not the graphics.)
Be SURE you have it very clean before you apply--use the Bar Keeper's Friend to get rid of bug juice, chalky fiberglass etc. Use dish detergent, TSP, or other best cleaner to clean off the BKF. Let dry then apply each coat with a well squeezed cloth or applicator to be sure you avoid runs and watch for them as you go. Let dry between coats, but it dries very fast. Wear gloves, the stuff takes days to peel off your hands if it gets on them.
We like to see before and after photos. I intend to take "how long it lasts" photos too. Good luck with it.