The thickness of clearcoat is dependant:
1. Is it OEM? OEM finishes tend to be very thin.
2 Class of car? Rolls Royce wet sands their paint between each application and they apply many layers. So they'll have substantially thicker paint.
The general consensus is you can remove up to 0.3mil without compromising the clear. Using a SMR, you can polish 3-4x/year for 10 years and you should be find. When you start getting in compounds though, that's a different story. It's a product, pad, contact time thing. If you use Diamond Cut with a wool cutting pad, you can quickly compromise the clear if you don't know what you are doing.
Note 1: Paint tends to be very thin on edges as opposed to flat sections so you need to measure it's thickness throughout.
You also need to know if the paint you are dealing with is Single Stage, 2 Stage (Base/Clear), 3 Stage (Base, Candy, Clear) etc as each of those build up film but not necessarily clear! You need to know how many coats of clear exist and not necessarily, how thick the paint is.
If you watch some of the TV shows such as Rides, OCC, Great Builder Bike Off, you'll see that they often apply 3, 4, 5+ coats of clear on top of color coats (including Candy etc). Large scale car manufacturers do not apply it that way for costs reasons and probably >98% of all cars on the roard are 1 single clear coated.
Note 2: You can actually remove clear without seeing any adverse outcomes initially but end up with clear failure later because the upper 1/3rd of the clear contains all the UV-blockers etc. So cutting through the 1/2 the clear may produce great results to remove all the swirls etc. but in a couple of years time if the car is not very carefully looked after, you may see clear failure.
Paint Gauges
You need to use a high quality one and those tend to be very expensive.
It's a valuable tool for you to use as a "pre" and "post" measurement so that you can check how much you have removed. You need a highly accurate machine though with very high sensitivity. Otherwise, the little amount you are removing might be within the margin of error for the reading and not really tell you anything.
I've never used but I have seen a bodyshop use it. It's neat, but the information it gives you needs to be interpreted correctly. Too often, people don't understand that it's not the clearcoat thickness but a function of the primer, basecoat, candy (?), and clear all together!
However, how far you can go is really an experience thing and understanding what the actual thinkness of the clearcoat is.