That is almost exactly what I ended up spending on mine to get rid of the water spots. Most of it was with the Workstatt Intensive Care Polish and a Griot's orbital. Turns out the Griot's may not have been my best choice because of its low torque, but since this was the first time I'd done something like this, I felt safer with it. I probably spent three hours just on the hood.
Using Perfectlap's advice, after I polished, sealed and waxed it, I finished it off with FK1 425. Easy to apply and, after having driven it around 50 miles, it still looks like I just finished the work on it. Amazing stuff. Once we get a sunny day that I'm home, I'll take a couple pictures and post 'em.
