Plexi and Carbon fiber polishing

I have a small chip (about the size of an ink pen tip, and not very deep) in the middle of a plexiglass insert.  What should I do to get this out?

Next question: I have a few light scratches on my last sheet of Carbon Fiber.  Can I just buff this out with a buffing wheel?

thanks for the advice. 

I heard you can sometimes use a torch to heat the plexi and that this will smooth out the scratches and nicks.  Do you know if this works.

I wouldn't advise using a torch, you will probably burn the plexi. You can sand and buff most imperfections out of plexiglass, but it it's a deep scratch this can leave a dip in the plexiglass, which will distort the light that passes through it.

The clearcoat on carbon fiber sheet is going to be thin, so you can't sand it bery much. But you can scuff it lightly and spray a new coat of clear over it.