Rubbing Compound?

DONT DO IT!!!! Buy some Menzerna 203s from PB and a Lakes light cut pad (orange one). Thats probably the best you guna get unless a pro detailer gets busy with a rotary/orbital. That or wet sanding which is not as hard/easy to get wrong as people think. You could always get the bonnet resprayed. Will only cost you a ton.

To be honest - 203s and the light cut hand pad isn't going to achieve what you need it to, not even close in fact. I was using this duo over the weekend to 'revive' my front skirt/spoiler a little and whilst it yielded a fantastic shine, I don't think the cut is going to be strong enough to smooth things out. It's a great product and it will vastly improve fine marring and light swirls but don't ask too much of it for cutting back paint by hand. As mentioned above your going to need some machine polishing to take care of your bonnet.

One more thing - don't touch that CarPlan product with a barge pole...

farecla compound is what you need with a rotary buffer.