I've done it on a 2 cars and i haven't wet sanded either, i mix it 3 parts paint and 1 part mineral spirits, then put it in my $15 harbor freight spray gun, and sprayed it, 1 very light coat(tack coat, just to get it sticky) then a light coat to cover, a medium coat, and then a semi thick coat. all about 15-30min apart. and if yo spray it, and do it in a clear environment, you wont have an runs or trash to sand out of it, and its still glossy. dont get me wrong its not a show car finish, but its not bad, especially for about 30bucks(walmart rustoluem by the gallon 22, and 7or 8 for a gal of MS). if you went through hand did a bunch of coats and wet sander and buffed it, you would get a real good looking paint job, like a show car(main reason show car paint looks better is because they wetsand, you can do it on the rustoleum too, tried it on a panel to see) I have using a buffer so I just spray it and leave it. on my cb55 I'm gonna spray it and wet sand it up to like 1000grit and leave it alone, it would be like a flat red, witch I thing would look freaking hott, lol. I might try that on my honda, lol
the bad thing about this paint is its relatively soft, so it easy to chip or scratch off. My next paint job, will be the light tack coat, and a few light coats till the parts are covered evenly, then I'm gonna spend moen and buy automotive clear coat, and hopefully that will be enough to protect it from the sratches and stuff.