Ummm....one question.....have you ever painted body parts before with professional equipment (spray gun, compressors, etc)? I ask because if you've never done it before, you may want to go to a junk yard, get some old parts, and then practice on them first before starting on your car for the first time ever.
To answer your question though, you dont wet sand before you spray. You basically want to either take the paint completely off down to the bare metal, search for flaws in the metal, prep if need be (sand off rust, fix holes or indentations, then use body filler, etc..) and then start fresh with primer and paint. That will give you the best results for a show room paint job.
However, if you're 100% certain that the hood is flawless, then you can dull the paint by lightly sanding it down with a sander. Take the first few coats off down to the final coat of paint, or top coat of primer. When everything is 100% smooth and ready to be shot with paint, make sure you mask off areas you dont want paint, and do everything in a well vented dustless area. Its best to use a HVLP (High Volume, Low Pressure) spray gun for your work. Gravity Fed is also really good, but not needed if you cant find any of that type.
Make sure your compressor settings are set perfectly or else you could either too much paint or not enough coming out, which cause flaws in the paint and look very bad.
After everything is sprayed, THEN you wet sand. Wet sand until you cant see any orange peel and all flaws are out, and the paint is perfectly smooth. Once you get it to that point...WET SAND MORE! *lol* Painting a car is an art, and it takes alot of practice to get it perfect. If this is your first or second or third time....I would recommend more practice before going up against your daily driver. Otherwise, leave it to the pros.
I do have alot of Tech and FAQ Guides on Hyundai Aftermarket.org if you have more questions and want to learn a bit about painting and body modificiations. Good luck.
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