Short answer is yes on the orange peel. As most already know every time you wax or rub on lacquer you are taking a small amount of the paint off. I would resist the urges of pulling out a buffer or polisher on lacquer paint as you can burn it as mentioned previously.. I personally have had good success with DA polishers and foam pads. Wool and microfiber as well in certain situations. But realize you can overheat the paint even with a DA polisher. Keep the pad hydrated but not saturated and as mentioned previously take your time and be patient as it's a long process. Mequiar's #7 is still my go to choice for single stage paints to help hydrate the older lacquers. There are plenty of folks here that have much more experience than I on this matter but I wanted to give some input on the subject. I'm just about finished with the current project of preservation for someone and will eventually post up photos of it when it is completed. Good luck.
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