No absolutes, depends a lot on the gun you use and your own motion and overlap when you apply it....

With my old musty trusty DeVilbiss, I use a 1.4 tip and a medium wide pattern...no idea what air pressure, I still set the pressure by the sound of the gun, but it's an HVLP gun, I suppose it's probably around 10 psi at the cap...

I let it setup at least 24 hours, then wet sand with 2000, 2500, and Trizac 3000. For compound, I've been using some Meguiar's with a wool pad and like it very much, followed by a glaze and polish with a black waffle pad.

Results and technique is not a cut and dried issue... If 10 guys respond, you'll get 10 different methods and materials.... I go by the product sheet, then make a few necessary adjustments to suit me....