It's going to have to get knocked down for sure. the question is whether wet sanding with 400~500 will do the trick or just hit it with some 220~320 in my 5" random orbital till it's flat, then block it with 400~600 and shoot it after degrease and tack cloth?
I'd go with 600 finish, wet or dry, whatever you like. It should sand easily. I don't think that will buff out very well so I'd stick with 600 at least. I'd lay on two "wet thin" coats. I think you'll be happy with the results.