Well I did the wet sanding on the painted plastics. It turned out great, removed the raised edge on the strips, and after I touched up the strip edges with a little paint I was ready to put some clear coat on.
Stupid clear coat...I applied it a little too close and got too much propellant on the paint which caused it to crack :(. I guess this is what I get for using spray paint.
Anyways, managed to fix it by sanding it back down to the bare plastic and started to repaint. So far so good. I have to do some sanding to fix and smooth out some parts but I'm pretty sure it'll be good in the end.
Moral to this: "Don't paint when it's windy out"