If the last thing on there was 2k lacquer, you should be able to just clear over that again and the stippling will disapear, I think sanding it back first will cut you too close to the colour and you'll risk loosing the lustre from the red - from my expeience at least.
Im guessing its a water slide? I hate water slides, partially for the backing on them, you end up trying to remove all the gum to hide the opaque effect from the backing, plenty of luke warm water and drawing them between 2 fingers works but if not careful they can rip or stretch. Much prefer vinyl decals
, they take more clear and sanding back to hide them in the lacquer but its worth it in the end.
I think when I did my tank it had about 12 coats before I flattened it back, the decal
now is invisible to the tank, from what you can see on page (14) the 12 or so coats wasn't quite enough, Another time I will do many more. The Side panels were less succesful and now stand as an learning point/reminder. http://www.britbike.com/forums/ubbthreads.php/topics/695076/13Link 2