[LONGHAIR]

If you "see red" it's waaaay to late. You could sand and even rub, still not seeing getting through the clear....but that doesn't mean that there is enough left on there to protect the base coat.
Rough spray, contrary to popular belief, is not thicker. Usually it is much thinner. The texture is somewhat protective though because the "tops" of the texture take the initial hit...so to speak. Once you wet-sand that off, you are now more uniform....thin. This can/will scratch easier. It takes far less to make noticable marks on paint that has been sanded "solid". Solid, meaning to the point where you don't see any shiny spots (texture) when you are done sanding and wipe clean.

If you are not sure of the materail thinkness.....Caution is the best way to go.
Don't sand any farther than you need to.
Be Carefull......no, really

Many guys that are planning to sand solid, clear twice. They shoot the vehicle like normal, wet-sand and re-clear, sanding soild and rubbing after the second time. It saves you from putting it on overly thick in the first place and gives you a "head start", because the texture is gone from the first shooting. Too thick is not good either.

Edited to add:
If this is a driver, not intended to be a show truck, stick with the "optical illusion" factor. As long as you get rid of the worst part of the "peel" on the lower parts of the body...all you really have to get "perfect" is the upper parts. From the bodyline up the the horizontal surface is most important. As long as it does not look really bad below that, to the point where it draws your eye to it, poeple will assume that all of the body is as good as the top..... Did I say be carefull?