I have never used rubbing compound and I have a question about a possible application for it

I have touched up a ton of little scrapes and chips on my hood with touchup paint, it looks a lot better. What if I use rubbing compound to try to smooth/blend the touched up areas into the rest of the paint. will this work???

 

Don't do it. Use a cleaner/wax instead. You'd be surprised how seemingly abrasive the stuff is, yet perfectly safe on clear coats. I've used Meguiar's and Mothers, both seem equally good.

 

interesting... but I don't think that wax will be strong enough to smooth out the bump created by the touchup paint's thickness

 

try it, if you are blending paint then there is no clear coat to damage. If that does not work use a very fine grain sandpaper or steel wool.

Then get some clearcoat to cover your work.