Need some help at doing my touch up paint.

[azi90]

I want to do a little touch up paint job on very few little marks on my rear bumper (smaller than size eraser on pencil) CHECK THE PICTURE. Im not expecting it to look like professional job but not utterly garbage also .. i have some few questions if anyone can answer and if anyone can add more info that will be great.

1) After applying primer how long do i need to wait ?
2) same for basecoat after applying coat how long do i need to wait ? how many layers do i need?
3) how long do i need to wait before i put clear coat?
4) would sanding the final touchup paint help me merge it with old paint ? if yes what sanding grit do i need ?
5) whats a rubbing compund ? do i need to use that in my process