Just got off the phone with Scott in Customer Service at Cobalt Boat Manufacturing and he confirmed what we both assumed and that is the Xycon Barrier Coating is in fact under the gel-coat, that is sandwiched between the structural fiberglas and the pigmented gel-coat.
Since I had him on the phone I asked if Cobalt had an official recommendation for a compound and he said "no" but he did say that if the gel-coat has oxidized to the point of turning chalky white that you do want to use a compound and not a polish as it's going to take a product with some "bite" to cut into the oxidation and remove it.
Hang tight as I go do a test section this Baja and post the results...