If you are in the trade, you won't have any dramas cos it's all about reading how much you're removing and being realistic about what you can achieve.
I've had a few dabbles with wet sanding both on finished paint and between coats when refinishing and never caused any damage but I've kerbed my enthusiasm to ensure I didn't
What is it you are trying to remove? I'm asuming as you've asked the question, it's not something that can be removed with a machine and polish?
In my [limited] experience if you are trying to correct much more than damage to the clear coat, scuffs/light scratches then you are asking too much. That's not to say for deeper scratches you couldn't paint in some colour then sand that flat with the same method but by wet sanding alone there is a limit.
By alternating the direction and coming back up through the grades to at least 3000 grit (I have been known to use micro mesh up to 12000 grit to make subsequent polishing easy) you will minimise anything you've imparted and a decent run over with a machine will remove all of these and leave you a happy bunny.
