4 layers of clear enough?

Whether you sand through clearcoat or not depends on what grit you are using.  It doesn't take much sanding with 600 to go through a coat of clear, but you can do a lot of cleaning up with 4000 grit without going through a coat.

BTW, rubbing compound is much like a fine grit sandpaper.

I'm trying to decide if I will just live with the slightly raised edges and just use rubbing compound and polish. It seems like for me with each successive coat the risks of messing up the paint job goes up. If not I will scuff it up a little with fine sandpaper and put on two or three more coats of clear. Yes I used Tamiya Mark fit . Thanks again 

I've scuffed at the stage you are at now, just lightly to nix any specs etc. Then put down two more wet coats. Did you use any decal softener or setting solution ? That usually helps with edges. Flat finishes are a blessing compared with high gloss lol !!

Thanks Oldermodelguy. I agree. I think 4 is enough but realized that I have big decals on it so it might need one or two more coats so I don't have a raised edge around the decals. I think I will just polish since the clear went only relatively smoothly. I guess airbrushed clear is a lot thinner than spray can clear Which is good but more work. 
thanks again. 

IDK what "thin" is without seeing it/doing it. The way I thin my lacquer or even acrylic, 4 coats would probably work but I've done 5. Sometimes, more often than not, put down wet I just polish it without sanding. Only because I haven't seen many real cars that look like they've been painted up then prepped to enter a custom car show.But the trend today is for every modeler to do or to have their build represent just that. Just sayin ( ya it's my own thing I have going on)...

Ya know we all paint differently too. To me a single coat is really a double coat or two passes over everything, for instance down the side and back again etc.....