You should consider using or buying a rotary polisher. You could probably get a cheap one at Harbor Freight for under $50. They also sell the wool pads that you'll need to do the job. I an going to assume that this is a gelcoat finish.
Order some Presta Super Cut Compound (Google it) and go to work. Follow through with some Meguiars #105 with your orbital and a yellow cutting pad. The Presta has a 600 cutting grit and the Meg's has a 1200 cutting grit which finishes to a mirror shine. We rarely ever wet sand going this route and our customers are wowed by the results.