Yes it's clear coat safe. By hand expect to take a looong time to get even and good results (it removes *very minor* defects as opposed to hiding them, which is what the "wipe on/wipe off" products do.) To get an idea of the time it will take, and of the results you may achieve, try a small section first. Don't go over the whole car at once. Also, make sure you thoroughly work the product in/break it down. It's easy to remove if you work it fully and apply only as much as needed for the section you are working on. If you slather it on and wipe over the whole car before removing, it will not be as easy to remove.
You don't need to wait for polishes to dry. Remove them right away. The longer you wait, the tougher they are to remove. Sealants and waxes are the ones that require wait times.
One year old clear coat paint should not have noticeable oxidation.
Honestly, I don't think you'll find SSR1 too aggressive, especially by hand. In fact you will likely need PP or a stronger SSR to remove scratches. But, give it a try on a small area and see if it does the trick for you.