The polishing compound would be a good first try, and when you've achieved what you are after, then I'd wax it good to preserve what's left. In fact, polishing the entire car and then waxing it well is what I'd do to preserve what you have... A 44 yr old car with original paint is going to have some flaws, but.. those kinds of flaws are 'signs of character'.. *S* sometimes the fixes for small blemishes can be worse than the blemish..
This was my plan
1. Wash
2. Clay bar the entire car
3. Polish compound the car
4. Polish the car
5. Wax the car.
I read an article in MCR that suggested this five step process for older paint, but cautioned on the use of step number 3...it just depends on the paint I guess.