I (slightly) disagree with Mainsails method for restoring gelcoat on an OLD boat. Blindly compounding off gelcoat may leave you removing too mucb gel.
In the WORST CASE scenario the surface may be 'crazed' or 'alligatored' on a macroscopic basis ... and no amount of buffing, etc. can restore this condition.
IMHO - better to proceed cautiously with a pocket microscope in hand and investigate the condition of the gelcoat for/if crazing/alligatoring, and if NOT found then proceed to FLATTEN the surface by WET SANDING with 1000-2400 (or finer) grit paper THEN power buffing, etc. with 2000 ---> 3000 grit compound. Such a method will save a lot of heartache and sweat if the gelcoat is 'unbuffable'. SHINE & brilliance comes from a FLAT surface ... and wet-sanding is the fastest, and least destructive way to find out 'how much' of the old gelcoat 'can' be removed.
BTW - alligatoring looks like a dried out and cracked mud puddle when viewed under a low power microscope. If alligatored, then you have two choices: 1. spraying on new gelcoat, 2. Painting . Some old gelcoat may have developed such extreme porosity from oxidation that no amount of sanding/buffing will ever produce a FLAT/shiney surface.
.... painting should be the VERY LAST option/choice.