Yes you are correct. I will be polishing and buffing to act as a true "clear coat" and the semi gloss will just be a filler to be a layer over my color paint. I've done it before and it has worked well.
My only question was whether to wet sand, apply the coat and then wet sand, polish and then buff or should I simply clear coat, wet sand, polish and then buff?
But GarageGuy, by what you're saying, I should wet sand to even out the surface and then do one more coat of paint to cover the lost over the sanding and then clear coat it? Can I then polish and buff over that?