A few good pictures might help a lot.
At that age, it's probably not going to look right unless you wet sand down the entire clear coat, and if it takes away too much color coat to get below the oxidized layer and you hit primer instead, then it'll need a new color coat too.
After doing that, hit it with multiple light coats of a 2K clearcoat over the entire panel. It will not look brand new, but will look a lot better than just using rubbing compound on the areas that the clear coat has failed on, then waxing it.
The problem with rubbing compound is that it was meant for the era where vehicles just had a color coat, not a clear coat in uneven, degraded condition on top of it. You will probably have to completely remove some areas of the clear coat if it's like a similar era GM I used to have parked outside that had this problem.
Anyway, I'd start by doing only a small patch in an inconspicuous area, see how that looks and then decide whether to do the rest.