The Meguiars Marine line is much better for old gelcoat as it has way more oils and lubricants than the Automotive line.
Unfortunately all my pictures were lost from crappy Dropbox on my HX restoration but this is the process.
Wetsand 600,1000,2000 then
Now I have always followed Jetskigoodies buffing process but I was out of almost all the buffing compounds so I got on the old interwebs and started looking at Meguiar's marine products so I gave them a call. They were very nice and explained that old dry gelcoat is very different from automotive paint and their marine line has a lot more oils and lubricants because of this. They recommend their Power Cut followed by the Oxidation Remover and finally their Marine Polish. Of course nobody in town has it so I went to Amazon but they sent mislabeled wax instead of the polish so I am waiting on that.
Here is the first pass with the Power Cut.
Now the Oxidation Remover.
And finally the last drop of machine glaze I had.
in the last picture that is the reflection of the rub rail rivets. I would say it turned out pretty good and I think the marine products are easier than the automotive line.