I buffed out the original 53 year old paint on my 50 and it really surprised a lot of people including myself.
Yes,it was very faded,dirty(don't think it had been washed in 20 years),worn down through to the primer and even had surface rust in some places. I used 3M Perfect-It compound with a Makita buffer and a foam pad. Then used Meguiars hand polish followed up with 2 coats of yellow wax.
The bottom line is it really looks nice,not super glossy,but just the right amount.The primer even picked up a little gloss and most of the surface rust was removed.As long as I've kept waxing it,it hasn't returned,even on the bare metal.This was done over a year ago and it still looks very nice,but most of the time the truck sits in the garage.