Can Model Master auto paint be rubbed out like lacquer

No problem polishing it out. You just have to wait longer for it to harden, about 2-3 weeks. You'll also need a set of polishing cloths. I start with 4000 grit and work up to 12000 grit. If the paint is almost perfect to start with, you can forgo the sanding and use rubbing compounds like Tamiya but some have even used toothpaste. Then I use The Treatment model wax to really bring out the shine.

glueslapper - yeah you can rub it and buff it.  If you post this in the auto topic you would probably get a quick response.  Some people only come here every once in awhile.