What is this cracking on my paint?

[GTOger]

Hey guys,
I'm trying to work some blemishes on the hood of my car, and I'm not sure I'll be able to get it done without painting. Have you seen anything like in my pictures before? When I got after it, it looked chalky and all scratched. Since it had been outside in the summer sun at the shop in Central Texas for several months waiting on mechanicals, I figured that something had gotten on it or come into contact. But after working it with some compound, then moving on to color sanding before hitting it with compound again, it appears to me that the paint is cracking.

Is this the clearcoat failing after 27 years? Or the fiberglass underneath? None of the above? I wonder if there is something short of having the hood painted that can be done.

Note that after working these small areas for the better part of the afternoon, it looks better. Depending on the light, you might not notice. But hit the right glare and it's very obvious.

I'm hoping for some ideas from the collective braintrust here.