Hi Frank,
Well... Windy mixes at least a quart of clear dope with equal amounts of thinner and sprays it until it's gone. He adds thinner to what's left after each coat, and by the time it's finished, it's about 25% dope and 75% thinner.
I do not see a need to keep sanding between coats. I would put on 1 more (that would make three, right?) and sand that with 1200, 1500, then 2000. Always candle your surface. When it is uniformally "flat" (both in sheen and surface) you're done sanding. Hit it with a good polishing compound after that and a high quality wax. I have never sanded any final clear with anything stronger than 800. And that only once. Thinned clear dope is thin! And, use blocks to sand with at all times with the exception on open bays...
Bill <><