I just did this last weekend and it worked great. Get a bunch of 800 grit wet sandpaper and 2000 grit. Dig in with the 800, grab a fresh sheet frequently, and don't be scared. Next go over it with 2000 grit the same way. Next, buff with oxidation remover (I used Maguires heavy oxidation remover)--this will remove anything that's left, and buff out the sandpaper marks. Finally, buff with boat polish. I was sore all week from all of the sanding, but my boat (black supra that's been oxidizing since 1992) looks like new now. Last year, I tried just going with the buffer and oxidation remover, without much luck. Don't be afraid of the sandpaper, gelcoat is pretty thick.
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