Short Answer: Probably not.
Long Answer: First of all, there are three different 1Z polishes, so it partially depends on which polish you're referring to. They are, in order of decreasing aggresiveness: Ultra Polish, Paint Polish, Metallic Polish. Second of all, it completely depends on how deep the pits are. Most pits that I've seen etched into paint are deep enough that even an aggressive polishing session with UP or DACP and a yellow cutting paint don't come close to removing them. If you're going to try, I'd go at it with the UP or a similar polish. I wouldn't wetsand, but that's my personal preference. It has always seemed like an overly aggressive approach for a factory paint job on a daily driver, especially on a car you plan to keep for a while.
Hope this helps,
John