Sometimes heavy oxidation means the paint is dead; sometimes not. Is it original paint? If not, when was it repainted (and with what type of paint) and when did it last look shiny?
Clay generally is not meant to remove oxidation -- though it may remove the dust that doesn't wash off.
For oxidation like you are describing, a rubbing compound like our fast cut Professional Heavy Duty Rubbing Compound and a commercial-grade machine may be in order.
Muscle Car Review magazine on the Hot Rod Network just published a nice article that covers paint restoration like this.
http://www.hotrod.com/articles/finis...years-storage/
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