Just start with the roughest/coarsest one first. Probably 180 (or close to that)
As much as possible sand in the same direction as the grain. It is difficult around the ends of the guitar.
Once you start you will notice marks from the factory tools. Try and remove these as much as possible with the 180. Avoid sanding in one spot too long. You should aim to evenly sand the whole body. (I haven't done a natural finish as yet, but I think you would be safe to putty after the 180 - somebody may correct me)
Once it feels smooth move onto 240 - as you work with that sandpaper, you will see the scratches you made with the 180. Use the 240 until you can't see or feel the 180 and then move onto the next grade of paper and so on.
This can be a bit boring and its hard work, but the better job you do of it, the better the finish will be in the end.