Your car should be E4 red. Ford changed around that time from EP. The only diff. is the E4 is base/clear. If you are not getting red on your rag you are working on clear, if you are stop and don't do anything else to it. If it is clear you can take it to someone that knows what they are doing and has the tools to do it right.
Regardless of who works on it unless it has been repainted(and maby not then) you don't know how thin the clear is and chance cutting through. 3000 da and a buff might bring it right around to where you want it.
I'm not expert, especially on stuff w/o a clear coat. I'd probably start with Megs M205 and see how that works with a DA machine. I'd say M105, but w/o clear coat and all that,*I* would start off conservative - especially since I'm not an expert.
I'd also probably lightly clay the car after a very thorough wash. IMO, pick a spot - wash it, clay it and then try one M205 and see if it comes out better for you. M205 should do enough to get out the swirls and not eat up the paint.
Edit: Also, you may have better luck in the detailing forum too.
Sorry for the late response. Been really busy here lately.
Single stage paint is extremely thin by nature. Much thinner that more modern base/clear paint jobs. You need to be really careful working with it, you don't know if it's ever been buffed before. You may not be removing much paint, but the person before you could have butchered it.
The 10" buffer you're using, is it one of those cheaper $25-$50 machines like you buy at Walmart? If so, that is a very weak machine by industry standards. Plus the compound you're using isn't designed to be used with a machine like that. There is soooo much to tell about doing a job like this. Probably be much easier if you just call me sometime and we can chat over the phone.