Polishing compound is certainly worth trying and if it does the job, it's likely to be the fastest, easiest way to do it. However, it tends to be a rather ineffective cutting compound if you have to go much deeper than the surface. In that case, you may find that ultra-fine sanding is a better bet and once you're through the bad spots, you can bring it back up to a nice gloss.
I don't know what sort of "fillers" 3M theoretically puts in their polishing compounds, but I haven't had any problems with the shine fading after a couple of weeks (or a couple of years for that matter). I use water-based varnish as a top coat on instruments, rather than French polish, but after the Micromesh treatment, wet-sanding up through 12,000 grit and 3M polishing compound by hand on a rag, I seem to get very good gloss and it stays that way. I do seal the pores with a coat of wax after polishing, but once a surface is sanded that fine, the polishing compound doesn't have to do much or hide anything. The 12,000 grit sanding by itself usually yields a better shine than some factory finishes and the polish just finishes off the job. On a canoe, as I mentioned before, it's all a matter of how much area you have to fix, how much time you have to devote to the task and how critical it is to you to have a flawless finish on a boat.