I sprayed some base-clear paint the other
day and it came out pretty good, but I think
I am going to wet sand and buff it to remove
some dust and slight texture in the clear coat. I thought I would wet sand with 1500
then buff. What product would you guys recommend using and should I use it with
a wool pad or foam?

I use 3M Perfect-it III compound, with a foam compounding pad. If necessary, (depending on color) I follow up with a glaze, but the Perfect-it III compound does a good job by itself. I usually wet-sand with 2000 or follow-up with it. Depending on the base color and the hardness of the clear you may still see dullness or slight scratches with the 1500 used alone.

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'68 SS-396 (still workin' on it)
"Need a good hobby?? I recommend drinking"
-2 Below Custom Automotive
Fbks, AK.

This may be a dumb question but I'm wondering
why the base color has effect on buffing the
clear? Mine is silver, is this any easy color
to buff or a difficult one?

Depending on how bad your texture is will determine what grit paper to start with. On a run I'll sand it off carefully with 400 grit till it's almost flat, then move to 600, 1000, 1200, 1500, & 2000 and buff. If you start with 1500 you won't cut the texture very fast and may just smooth out the waves ....but they will still be there.
Try 1000 for your bad stuff and then move up to the finer grits. Stay away from the edges and use running water. This takes skill and is an easy way to sand through your new paint job. Take your time and dry it with a rag to check your progress.
Pads..........I use wool but I need to try the foam for the final buffing after seeing some other peoples work.