Auto body repair & detailing: dent repair and painting, wally world, base paint

Question
hello, im about to do some body work on my 1988 mustang GT. this car is mildly built and means a lot to me. i do all the work to it myself for experience and because i am very knowledgeable in the subject. body work is something i know a good deal about but have never done it. only polishing with a buffing compound. i want to ask what you think of my plans and see if you might do something differently in my situation. im on a VERY tight budget but think i can make a poor mans job look pro. im going to remove as much of the dents and quarter panel wrinkle as i can and sand to bare metal. then use bondo to fill the dents and wrinkle. i will sand flush with sand paper working my way to 400 grit. then i plan to primer with self etching primer. prolly 3 or 4 coats. after wet sanding or dry (not sure which will be better for primer)with 400 grit i will put a gloss white for base paint. again at least 3 or 4 coats. now heres a question should i wet (or dry) sand or go straight to clear coat which after a few coats i plan on wet sanding with the 400 grit. will this remove the glossiness of the clear coat? ive seen a mustang that was wet sanded with 2000 grit (i think) after clear coating and it looked awesome! (better than the $2000 paint job some pros give) but not sure if it was true or not? im worried whether or not it will take out the glossiness. i mean i plan to scrap the body and buy a perfect 88 GT and just put my built engine and racing tranny into it and my flowmasters ofcoarse. but as ive seen you heard a lot i am very anal about my car also. (very anal)lol! i wont even let anyone touch it if they don't have my permission. well maybe a slight exaggeration, but not by much! (especially this one as it was a Christmas gift from my father a few years ago [my first car]) i plan to turn it into the ultimate stang! but anyway i want to make it look better for the mean time. the paint im using is colorplace brand spray can paint. ($0.96 a can at Wally-World) it seems like a good paint although it may not last as long as others it still leaves a great finish. i bought everything i need for about $20-30. bondo, putty knifes, paint, sand paper(220-320-400 wetordry), roll of plastic, and tape to hold it in place. what is your opinion?? i plan to start the project as soon as i send this message.
thank you for your time.

p.s. if you know of any 88 mustang GTs for sale cheap and have at least a great body or just a body (no engine and tranny) in NE Georgia let me know please.

Answer
Hello Mike! I'm not totally clear. Are you planning to paint the entire car with spray cans, or just 1 panel? I really don't recommend you paint an entire car with bomb cans. It will turn out all dry and gritty. I think you are planning to try to treat this cheap paint like it's quality automotive paint, and it's just not. If you sand it (when it's done) with 2000, it will need power buffed, with a pro- quality buffer. If you insist upon painting your entire car with cans, only paint about 2 panels at a time. That way, you will retain glossiness of the paint. It will be slow, but it will look best this way. Paint large panels like the roof and hood by themselves. Wait 2 days between painting, so that the tape won't leave imprints on new paint. Use a tack rag BEFORE painting, but not after you start. It will drag thru the paint.  Remove masking paper and tape ASAP after painting. Everything else looks good, Mike. Good luck on your paint job! Bill