Almost 50 year old paint. Recoverable without a repaint?

I'll preface this by saying I grew up in a family without ethics on taking care of cars. That being said, our '76 Cadillac Eldorado has always been garaged, covered, and has never seen rain (I know this because it's been in our family since new). Ignore the swirls and light scratch marks, but take a close look on the paint where the light is and see the cracking in the bodywork. It's like that all over the car. Is it clear coat? Is it the paint? Is it possible to wet sand or even just deep-cut polish without having to repaint the whole car?

I'll preface this by saying I grew up in a family without ethics on taking care of cars. That being said, our '76 Cadillac Eldorado has always been garaged, covered, and has never seen rain (I know this because it's been in our family since new). Ignore the swirls and light scratch marks, but take a close look on the paint where the light is and see the cracking in the bodywork. It's like that all over the car. Is it clear coat? Is it the paint? Is it possible to wet sand or even just deep-cut polish without having to repaint the whole car?