[B-Body Builder]

It was owned by my friend's family since new, and the clear coat started peeling about 9-10 years ago.

Sounds like grandpa also never/rarely waxed or properly protected the paint job on the car either. That many years of neglect and you guessed it......Clear coat's gonna start peeling! I've seen cars that were less than 5 yrs old that had badly oxidized paint and clear coat starting to peel, All because of neglect on the owners part.......cwm5