1500 grit? Wow that is pretty rough stuff. I would use a good medium compund. Use a high quality compund and a random orbit buffer at 5000 rpm. Take your time when you are buffing it out. The pad is also just as important if not more.
The pad is also important. Wool will cut well but can easily burn the paint and leave other scratches behind. Use a high quality pad for buffing.
3m makes medium compound. That is one of the most popular brands. It can be a little difficult to remove. I would also go over it with a product that will remove the petroleum. Zymol's HD Cleanse will clean the paint and make it ready for waxing.