I'm in the exact same boat (no pun intended) as you guys. I started with an electric buffer, wool pad and polishing compound. That made-it shiny but the color was still faded. I then switched to a cutting compound (same wool pad), that worked a little better, but I would still have to stay in one-spot for a long-time. Right-now I'm wet-sanding with 600 grit. I'm afraid to take my stripes-off, because I know then I will be forced to sand-it all the way out.
I'm hoping I can buff-out the 600 grit with just one pass of polishing compound, I don't really want to make 3-4 steps...
Keep-us updated with your progress, I'm gonna work on mine for a few hours today and will follow-up after.