Well, good news. After some time working with the WD it removed everything to the point where only 1 small spot was left. Followed it up with some Meg's compound and polish and got 98% of it out. After doing the rest of the trunk and waxing it looks just fine. Didn't lift any paint so I think it's good.
Quite surprised as knowing the history of the car's old location and overall neglect coupled with the quality of the clearcoat of that era that it was a lost cause. Just finished the entire car and so far it looks much better. I have yet to take it out in the sun to see for sure but under fluorescent lights most of the imperfections that I had no longer show.
Now it's off to cleaning up the chrome wheels.
