The polishing compound would be a good first try, and when you've achieved what you are after, then I'd wax it good to preserve what's left. In fact, polishing the entire car and then waxing it well is what I'd do to preserve what you have... A 44 yr old car with original paint is going to have some flaws, but.. those kinds of flaws are 'signs of character'.. *S* sometimes the fixes for small blemishes can be worse than the blemish..
Gary W / 09C 69Z28-RS, 72 B 720 cowl console rosewood tint
69 Corvette convertible, silver/black 350 hp,
60 Corvette white/red, 72 Corvette coupe, '70 Mach I
90 ZR1 red/red #246, 90 ZR1 white/gray #2466
72 El Camino, '55-'56-'57 Nomads, '55-'57 B/A Sedan