Once the irregularities in a surface lie fully within the laminar sub-layer the surface is considered "hydrodynamically smooth". The scratches left by 800 grit sandpaper are fully within the laminar sub-layer so further polishing won't make it go faster. The trouble with a clear coat is that, although it is 99.99% shiny smooth, it could have blemishes that poke through the laminar sub-layer. Accidental scratches, mini barnacles, dead insects can also stick to a shiny finish to slow you down (by a very small amount I'd guess).
So that's why serious racers use wet and dry. To be sure to be sure that it's as smooth as it can get. The only disadvantage is that it's no longer shiny.
Then again Frank Bethwaite, the famous sailing researcher, tested a very shiny chrome plated foil and figured it had less drag. And shark skin type riblets are thought to somehow align turbulence to reduce drag under certain conditions. So there's a little contention out there. The established fluid dynamics says a blemish-free polished surface is no slower than a surface treated with wet and dry.
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