Just my opinion ... wet sanding with 800, 1000, 1200 is way too tedious and why such small increments? The only time I ever did much wet sanding, I started with 600 and jumped to 1200 and finally 1600. I only did that once and I wasn't very aggressive with the 600. I never knew when I was really done. I basically just sanded until the "feel" was consistent, which didn't take long. I just moved along and let my tolerance for tedium dictate how long to sand. Sanding for 30 to 45 minutes per side per grit was about all I could take. That would be about 3 to 4 hours of sanding (by hand), not counting breaks. That was about all I could tolerate, considering that at some point I was moving on to compounding, finishing and waxing.
I don't have much tolerance for tedious work like that.
I'm not sure what you intend to do if you are not compounding. If you are skipping that step, I would use 1600 grit at the end of sanding. I'd also be very wary of using a power sander. I'd go really light and quick in that case (and not use 600). You're past that step (with the 800). I would probably skip the next increment and spend more time with the 1600 grit if I was using an orbital sander. I don't have any reason, except that I would be afraid of being too aggressive with a power sander.
I think you would have to be excessively finicky if you looked at your compounding results and decided to go back to sanding when you are working on an old boat. Besides, you are applying a coating that fills in all of those micro grooves (that you can't see anyway). It seems to me that the preparation for poliglow is all about evening out the color and the incremental steps of sanding and compounding are far less important. The importance of the compounding and finishing really only applies to preparation for wax, where those micro grooves will more readily attract grime.