I was told that this hood just needed to be sanded and sprayed with a couple coats of clear. Can this hood be saved? If so what needs to be done? Thanks in advance for your support

There is a good chance you can save the hood, I think you should be able to sand it and reclear it. If you do get it back, you may want to invest in some dynamat hood liner. It has a heat barrier as well as noise reduction materials. It will keep the heat from that monster under your hood from damaging your hood again.
I would wet sand that hood with 600 grit sand paper. do it in the shade and make sure the hood is cool.Wet sand it with a soft block in little sections at a time 2ftx2ft,check the area you sanded closely make sure it is completely sanded flat NOT THROUGH the clear coat that remains on the car. take your time and keep your paper fresh.
Watch your edges too ,you do not want to sand through the remaining clear coat if you can help it,you just want to level it out and take the blems out of it. the hood should look completely dulled out with the scratches going generally in the same direction when you are finished.You will know you have sanded through the clear coat if you begin to see color on your paper or in your water. best of luck!!!
wat
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