My 1995 red Barchetta has faded paint on some panels. The red has faded towards slightly pinkish.

It's not too bad. I know a lot of red cars fade worse, some 1980's VWs for example.

Other than a respray (not really worthwhile I think), is there any other solution?

Is it worth trying to 'buff it out' with T-cut or another product?

I think there is clear-coat on top of the red paint.

I would really appreciate any advice.

Also, any idea what a respray would cost?

see the car care section, there are lots of products out there better than t-cut now, everyone has their own favourite,
alternative to a respray is a wrap

Machine polish with g3 or meguiars 201 should sort it out

Yep! Any medium 4/5 cut polish will bring back the shine, but always go for the lighter polish first. If by hand try the heavier cut Meguiars or 3M and by machine I like to use Menzerna PF2500 or FF3000 for faded panels then finish of with a nice wax like Victoria red.

Some links for you.
http://www.cleanyourcar.co.uk/car-polish-compounds/meguiars-ultimate-compound/prod_554.html


http://www.cleanyourcar.co.uk/wax/victoria-wax/victoria-wax-3oz-concours-wax/prod_312.html

Hope this helps.

my red barchetta also has a bit of fading particularly on the wing mirrors so i bought some rosso speed 168 spray with grey primer.
Both came up a treat.
its acrylic paint so no need for varnish top coat !!