It usually takes me about 8 hours to fully buff out a nitro or acrylic lacquer paint job by hand. Of course - I try to keep it as smooth as possible when spraying. I don't want any fisheyes, any orange peel, and no runs. I let the finish cure at least 2 weeks for buffing - longer if I think it needs it (like in wintertime, or very humid weather). If you can smell the thinner evaporating off the body, let it dry longer in a warm room with a fan in it. Ideally, I shouldn't have to do any sanding to level the finish before buffing.
I use pieces of felt pad from an old cowboy hat cut into 2 inch squares. I start with red Meguiars paste to cut the surface. I work small sections of the body at a time, going slowly. Constant rapid buffing in the same spot will heat up the felt pad and the finish. It will get soft again if I don't stop and move. I wipe it only with 6 " squares of clean cotton cloth - usually an old worn out t-shirt which is very soft. Do not use any cotton/ poly blends or micro-fiber washcloths. Both will scratch the surface and never get shiny.
Next, I go to white Meguiars paste and continue to buff and wipe until it's almost a mirror shine. I keep a clean cotton cloth dipped in water to clean up between grits of compound. Finally, I use a liquid glazing compound that smells a lot like fruit oils. It's brown and watery, and beads up on the surface. It makes all the difference in the glow of the finish in the light.
To clean up, I then use a 1 inch chunk of foam and go over the guitar with BOSS guitar detailer. Lightly buff with another clean cotton cloth, and I'm done. I use a different piece of felt for the red and white Meguiars, and use a clean piece of cotton t-shirt each time. I don't wipe any used portion of the felt pad or cotton cloth over the finish because any paint removed in the buffing process can scratch the surface.
When it's all said and done - the guitar looks great, and I just had a good cardio workout. The next day my arm will be tired, the sign of a good job. Toss the felt pads and the cotton squares in the washing machine so they'll be clean the next time. They will get softer every time you use them and wash them.