Navi Man-DACP should certainly help since that is what I used on dboat's hood on his Lightning. His were not real bad though. You may even need to step up to Diamond Cut or Power Compound (Meguiars BSP line) if the water spots are especially bad.
I almost always work by hand (I did use dboat's PC when I did his Mustang because it had a lot of scratches) so my times may not be applicable to what you are doing and I also have been detailing full time as a career for 9 1/2 years now. Anyway, if the paint is in decent shape, if it needs claying, it normally only needs the top half of the car done and that can take from 15-30 minutes on average. Light polishing or glazing takes about 20 minutes (apply and remove) and waxing about 15 (apply and remove). Larger vehicles and more intensive paint work do take more time. The last time I detailed that 740, he had just got it back from the dealership after they repainted the top half of the car and left MAJOR swirls in the paint. (BTW, the dealership is MORITZ BMW IN ARLINGTON TEXAS ON COLLINS....always want to give a nice public mention of dealers who leave swirls on customer's cars), and it took me DACP, Swirl Free and Vanilla Moose to get the paint the way I wanted it, along with nearly 3 hours of time.