I haven't painted plastic, but I've painted a fiberglass bumper before that came out rather well after several tries.
1. You should sand your surface down to 400-600grit wet as suggested.
2. Use a tack cloth(basically a sticky cloth) to make sure the surface is free from dust or any kind of particles, you could buy this at any auto/hardware shop.
3. Put on a light coat of primer, wait 3-5mins depending on how humidity and temp of your area. I like to use a hair blowdryer to make things quicker. Put on another coat.
Put on about 3-4 coats total with your first two being really light, not even completely covering the surface from it being so light, and the last two make em fairly wet without dripping.
4. Wait an hour or two for it to dry and wet sand with 600 grit.
5. Now you're ready for paint. Put 3-4 layers of basecoat on similar to how you put on the primer.
6. Spray on a few coats of clear if desired. I'd only do this if you need extra protection to the paint.
For the above, I'd spray on a test surface to get a good feel how to get a good wet coat without sagging.
After you're done, wait a day for it to dry really well, and wet sand the paint with 600 and/or 1000grit depending on how bad your orange peel is. Then use some rubbing compound and buff it to a perfect shine! This will remove any imperfections in your spraying and give you a near perfect surface.
There's a really good video on this site that I followed to get my results. I like how they show you their spraying technique. Quick, repeating strokes to get a nice even spray.
http://automotivetouchup.com