Sure.
Rubbing compund is an old school first step treatment. 3M still makes some, as does Automagic, I assume Meg's has a compound or three; I use Farecla G6 as a rubbing compound. It fixes imperfections in the paint, removes oxidization, brings back wetsanding marks, etc.
Rubbing compound has been replaced by other mechanical polishes that don't dry out the paint afterward as much as rubbing compounds, which are usually followed by glazes.
IMO, Optimum Compound is really an abrasive polish, not a rubbing compound. I use the Poorboy's SSR series for my steps. And because they are not compounds and don't dry out the paint, if I acheive what I want in the first application, I'm okay.