You can try that but I'm not familiar with how well it works. If you can find it, get Novus. The stuff is awesome on clear plastics, acrylics, etc. I use it all the time here at work and I keep meaning to try it on my headlights but I keep forgetting.
Try searching around for toothpaste, if you get the right kind it's supposed to work really well.
2002 Super Black 5 Speed 4x4
AC Shackles/UCAs, 2" BL, 33x10.5" BFG ATs on Desert Runners, ARB front bumper, Skid Row rear bumper, Calmini IAB, AC HD TRAs, Bandit 4x4 idler arm bushings, Bilsteins, K&N CAI, Magnaflow muffler, Doug Thorley Headers, some audio stuff, backup camera. Shovel Mount
I used some rubbing compound I found in my tool box and then finished up with some carnuba wax. Did the fog lights too. The bugs tend to stick less now and judging from the reactions of other nighttime drivers, the lights are considerably brighter.
Whole task took about 5-10 min. and seems to last about a year or more.