Actually, you don't want to hit bare metal unless you really have to. Reason for that is, the OEM e-coat is rust protection, once you sand it off, you need to either put etching primer on the bare metal, then seal it, or paint it so it doesnt rust.
DONT WAX anything that you plan on painting,
you're setting yourself up for big problems. Fish eyes all over paint, thats assuming your paint will even stick to it.
How long do you plan on leaving the hood in primer until you can paint it?
How are you going to paint it?
If you're not sure, i'd say just dont touch the fenders until you know you can paint it, then just do it all at once. That way youre not running the risk of it forming surface rust.
The way you did your hood should be fine for some time.
What was wrong with it in the first place? Just the peeling clear coat?
If so, you dont need to prime the whole panel, its just more sanding youre making for yourself.
Your fenders for examplel; feather edge the peeling clearcoat,scuff the whole panel, mask off several inches away from your feather edge, then prime that area only.
Another tip, when you mask and prime, dont get your primer all on the tape/paper, doing this will give you 'hard lines' when you pull the paper off. Hard lines are not only hard to sand off, but can end up showing through when you clear the panel.