If you wetsand with Meg's 3000 grit Unigrit paper you oughta be able to polish it up with the PC, especially if you use 4" pads; I've even done it by hand. Rotaries really are best for this however.
But I don't get the "need to do something with my bumper before it gets too bad". It's more likely to "get bad" if you wetsand it and take off a little too much clear than it is if you just leave it alone. Well-maintained paint generally doesn't get worse than it already is.
It's not unusual for the paint on plastic components to be a bit different from that on the regular body of the car (color, texture, thickness, hardness- different in all sorts of ways). And since the paint on plastic panels is often more fragile anyhow, I myself wouldn't do anything that might compromise it's longevity.
I'd approach wetsanding this way: you gotta accept that your efforts might end up necessitating a repaint, so ask yourself whether a) you feel lucky, b) a repaint would be better or worse than the current situation, and c) if the cost of a repaint is gonna be an issue. IMO it's better to have thick original paint than to have thinner paint or a repaint, but that's just me.