If youa re going to wetsand make sure you have some good paper. I wouldn't suggest using anything stronger than 2000 grit. Megs makes excellent "Unigrit" paper.
Make sure you clay the paint first so nothing can get stuck in the paper.
Get a good backing pad for the paper so it is nice and even on flat surfaces.
Have a bucket with soap and water so you can soak the paper for atleast thirty minutes before using.
have a bottle with a heavy soap and water mixure to keep the surface very slick.
Your sanding strokes should be in one direction keeping away from any edges and peaks.
check your work often by wiping the surface dry, you will be able to see how far you have gone down by looking at the scratches and swirls. For a first timer I wouldn't go any deeper than leaving a few of the deeper scratches. You can always step it down with a compound.
Take your time and concentrate on the flat large surfaces.
After 2000 and the correction you need, you can go over it again with 2500 and then even 3000. This will save you time when it comes to compounding the sanding marks outs.
I wetsand all the time. On cars with heavy scratches and rids I would rather sand then go over it three or four times with a compound. The 2000, 2500, and 3000 grit papers can less agressive than some of the compound on the market as long as you are not going back and forth with a heavy motion and keeping the paint lubed well with the soap and water mixture.
A lot of the advice on here is good advice. they just don't want to see you screw up your paint. But until you just go for it you will never have done it or learned how to do it. If you ahve any questions you can PM me and I will be happy to help. It is not nearly as scary as it seems as long as you are using non-aggresive paper and taking your time, all the while checking your work.
Now if you break out the 1000 grit paper and freak out on your paint like your sanding the picknic table you will have trouble. Just be carefull