I'm thinking a steel or HT problem,too. Wrong steel? Wrong HT?
If the HT was soaked long enough to allow the alloy elements to distribute and combine properly, it can make a sort of hard-soft mix, with little hard balls of carbides. These micro balls look like gum-balls under the scope. They catch the polish and buff,and may pull out in polishing, leaving behind a little crater .
Try this.
Sand it back to 220 , then go up through the grits slowly until you get to your finest grit (about 2000-2500 is good). Now go back and wet sand from 1000 to 2000/2500 again. After the wet sand, clean everything well with soap and water. Hand polish with Flitz a bit and see if the spots are there ( you can hand polish to the finish if desired). If all looks good, machine buff ,starting with black compound, then move to gray, and finally to pink/white/green ( which ever you use. I'd suggest white or green for A-2). The pock pattern that develops in polishing is called orange peel . It can come from little balls of polish building up and pulling out a small amount of metal as they separate from the metal. Some metals are more prone than others. The more complex the alloy (more carbide balls) the easier it does this. Using a CPM steel can avoid this
Some tricks to avoid orange peel are: Charge the buff often ,but lightly with compound.It should not have a hard coat of polish. Use a buff rake if needed to remove any caking of the polish on the buff. Avoid having the compound build up on the blade. Don't apply too much pressure when buffing, let the compound do the work. A carrying/flowing agent can help a lot.The tallow and other carriers in many types of buffing compound are there as lubricants, but may not be enough. The old guys used a brush with kerosene, but WD-40 will work easier. After charging the wheel, give it a very short burst of WD-40 and then polish. The results can be phenomenal. Be advised that your grip will not be the same with this method, and if you are not skilled on the buffer, I would skip it. Finally, don't bear into the blade when buffing. It can heat the surface much hotter than it feels. Smearing and pocking are signs of too much pressure.
Hope this helps.
Stacy
Note on safety:
Buffing is inherently dangerous. Using any compound that make a good grip less secure just makes it worse.I included the lubricant trick for information, but don't recommend it to newer polishers. If you use it, just lightly lubricate the buff. Polish slowly and keep a firm grip on the blade.
Think ahead ,and avoid placing the blade to the wheel in any way that it might catch.
Polish with gentle pressure, and unless you are really skilled, avoid high speed and large wheels. I throw a 10-12" buff at 1800RPM - but I polish things for a living, and have for a long,long time. A 6" wheel is a good starter buff, especially if you only have a 3600RPM buffer.
Stacy