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I have only had a little experenace painting cars. But what I remmeber is that when you get orange peel your air pressure was to high going to the spray gun. Or the thinner you used dried to fast so the paint could flow out.

Too high pressure can cause orange peel, as well as too low of pressure. Improper mix ratio or paint/reducer will also cause it. Spraying from too far away will also cause orange peel because the paint will mostly dry before it hits the surface and there wont be enough life in the reducer to allow the paint to flow out on the surface.

Will wet sanding alleviate the orange peel effect?

everything X said.

Yes as long as you have enough paint on it, you can always sand orange peel out, no matter how bad it is.