OK so i just scuff sanded the top and sides with 1500 and I could see high spots starting to go white so clearly getting knocked down, p2000 was obviously doing nothing but polish the high spots. So then I went crazy and scuffed the whole thing with 800 thinking this would be potentially catastrophic but with the mind set of fuck it, if it goes wrong, I'll sand it back allover again, it's my guitar. Anyway 800 grit didn't go through anything, I was clearly a lot more worried than I should have been, I've now eliminated the vast majority of the high spots and also mostly fixed the edges whee the drips were. The top turned a consistent dull red and I was worried at this point, but when I cleaned it all up and added another coat of poly (this time 70/30 poly/thinners) it went back to it's original vibrant red. So I guess now I need to go back to building up the layers, then perhaps levelling off with something higher than 800, maybe 1200 or 1500 and then more layers until I've got the appropriate amount of gloss and a level surface before I try wet sanding poly in with 2000.
My problem was two-fold, 1. I didn't have enough patience and I clearly need more coats and more sanding to create a quality finish. and 2. I was assuming that sanding back with such a high grit would be sufficient to remove high spots when in reality, 2000+ sand paper really does very little in terms of removing material.