I wouldn't... It will end up blotchy looking. When you block it the metallic will be uneven because you will take more paint off of any high spots leaving it in the lower spots and it will look sorta like it does when the painter doesn't get the metallic even.
I guess if doesn't have much orange peel to sand out and all you have to do is lightly sand it you might get away with it but I would be careful.
If you do do it I would use 1500 if there is orange peel and end with 2000, but if it's slick and you are just knocking the top off I'd use 2000 .Also put some soap in the water and be very gentle with it.
I have color sanded and buffed the very next day many times and never had any trouble...just be careful not to scratch it with grit that comes loose from the paint or paper.