Have an old car that has been garage kept but faded.

I have some compound and wax.

Does anyone have a better recommendation?

What kind of car? 914 or..? Original paint? Let's see it. It makes a difference.

Original paint. Baha Red.

Rubbing compound can go really bad if you're not careful. I would try wax first and if it won't shine, mild rubbing compound. Best way is to go back and forth not in circles.

Boiled Linseed Oil

PS21 paint cleaner with Mequires scratch remover might yeild you good results. 50/50 dab of each. You can clay bar it first to get rid of some of that surface residue. Try a small section and see how it comes out. Least aggressive, then go from there.

No expert, but I would say wash, and then clay and see how it looks. If its still bad, start with the least aggressive compound you can find (polishing not rubbing) and do the whole car by hand. if still not good enough go one step more aggressive and go over the whole car, then follow with the polish. Still not good enough? one more step aggressive and repeat. On my car I used Mcguiar's ultimate compound followed by ultimate polish. Going by hand takes forever, but thee is less chance to burn through the paint.

Most compounds today are designed for clear coat finishes. These are very mild as you are usually working out 2000 wet sanding scratches not breaking through dead chalked color. The oxidized red paint may need a more aggressive product to cut the finish. I would use a wool pad to start. The caution will be all the crowns and edges will likely loose the finish if your not careful. But old paint is old paint. Give it a shot. If you can wake it up one more time I'd say it's worth the chance. Take your time, clean, clean, clean before you start. Once you break the dead paint clean again. Then you may want to wet sand with 2000 grit paper and start working it with a staged foam pad set and finer clear coat polishing paste. It's not a ten minute deal.