Its fun bringing a finish back to life. Since one of your goals is to learn the craft, I say go for it!
I highly recommend the porter cable 7424. Its a pro-level tool. Get a few pads for it too, since you will be switching to different compounds.
From the sounds of the project I would use a rotary on it, I say that because I haven't used the PC too much to do the heavy cleaning/swirl removing stages. Others here have however.
I would:
Clay - removes stuff from the paint and I believe makes
heavier cleaning stages easier since you've taken
out the "high" spots. Use lots of QD, meguairs
final inspection is good.
cleaning/swirl removal. Finesse It II machine polish.
Probably one pass on the sides of the car will be all you need. The hood and roof might need multiple passes. beau reports good luck with heavier swirls using Perfect it Fine Cut Rubbing compound (with the pc?) in the thread below re: 3M swirl mark remover.
AIO with the PC. Its actually fun putting on AIO with the PC.
The car should be looking pretty good by now. Even if it isn't perfect, it will be markedly improved. You'll be a hero for a day.