220 grit is a bit too aggressive IMHO. I'm sanding all my covers now, there are some pix in my build thread if you'd like to check them out. I consulted with Johnie, and with 73Nancy who offers professional polishing services on this board. From what I gathered, if there aren't too many blemishes, hitting it straight with the red compound and letting it work will yield good results (Johnie's method?? I may be wrong). If you're going for a mirror finish, then incremental grits up to 2000 are needed, but don't start as low as 220 if you don't have unavoidable deep gouges. Then, black, red, white and jeweller's rouges should do the trick. If you're going for a stock look, then incremental sanding upto 1200 is sufficient, and you start with the red rouge, then the green/stainless compound and check how close it is to the stock finish before deciding if and how much to apply of the jeweller's rouge.
Personally, I'm still sanding away as I make time, so I can't say I've tried either of the buffing approaches just yet, but my plan is to go for a stock look, so I will be stopping at 1200 (started at 500 since most of the covers were unharmed) and going with red->green->check and proceed approach. Hope this helps.