Is there any way to smooth out imperfections in your final coat(black) without having to re-spray? Something like wetsanding? And if you can wetsand without messing it up, then what grit? Thanks in advance for any help.

Are you talking about a single stage black, or a black basecoat with clearcoat over it?

In any event, yes you can wetsand to remove trash, bugs, dust, orange peel etc. But you must be careful. I'm going to assume you shot it yourself, so you know how much material you put on. Since you said it was black I'd start out with 1500 grit wet/dry paper. Use a 3M paper, they are the best I think. You'll want to try this in an inconspicuous area first just in case you mess up. You want to use soapy water when wetsanding, make sure you let the paper sit and become saturated before starting. Here's a tip, I like taking full sheets of paper and dividing them in forths to use over my little rubber block **3M makes a the little rubber block I'm talking about, can be bought at Home Depot type stores. You'll want to put a sponge inbetween the sandpaper and the block when you wetsand** Take those sheets and put them in a bowl of scalding water. The hot water makes them useable much faster than letting them sit in cold water. Wet the surface you're going to work and then get your paper and start. If you feel anything gritty, like dust, dirt, etc. you must flush the area immediately with water and dunk your sand paper in the bucket of water. After you've sanded a bit and it starts to feel smoother as your sanding, stop, rinse area again, and squeegee dry. Once the paint is dry you'll be able to see your progress. Depending on how perfect you want to get it continue until its perfectly flat. Since it is black I would use some 2000 paper after you think you're done with the 1500 paper. This will just make it easier during the buffing stage to remove the scratches. We all know about black cars, scratches are a pain in the butt, so the 2000 will help you out a little.

Good luck and be prepared for an arm workout :)

Originally posted by cali_surfer
Use a 3M paper, they are the best I think.

Just my experience but 3M paper is very uneven. In other words it could have some 800grit material in a 1500grit sheet. Ive always stayed away from that for wetsanding because it has left deep scratches in some of my jobs that wont buff out... Meguiar's Unigrit is what I use and Ive never had that problem.
Im not saying 3M paper is bad or anything, their DA paper and film discs are the best out there, but I wouldnt use it for finish sanding...