Unfortunately, Ford really does a great job on their factory installed orange peel. My dad bought and 04' Mach 1 a couple months ago and the op was so bad that the dealer volunteered to repaint it after he purchased it. Thankfully, their paint shop did a great job and it looks 100% but it was so bad before that it didn't have a shine. Unbelievable they would put something out like this.
As far as wetsanding, I've wanted to try this for years but have yet to take the leap. If you decide to take a stab at it, I recommend going to the junk yard and buying a fender or something (black if you can so it will show the most defects) and practice on that. The problem here is removing the marring left over from the wetsanding. Some say you can remove it with the PC and some say only a rotary will do and you have to be proficient with the rotary to not screw that part up either. Lots to think about before jumping to the paper.