don't wet sand the color coat, wet sand the clear coat. You can't avoid orange peel in color coats due to the shrinkage of the paint material. Apply an extra 1-2 coats of thin clear that you use as a sacrificial layer to wet sand off. Start with 1200 grit, gently. Work up to 2000, then to 2500. Then buff with a quality compound (I like Mothers Ultimate Compound for DIY work). You'll be astonished at how great it turns out (certainly worthy of all the effort invested).
Pro painters know its all about the prep, then the finishing of the paint to get pro-show results. Application is 25% of the equation. Light coats built up, Grasshopper-