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The raw OSM data isn’t based on zoom levels or layers. It’s all just one big lump of data. What you’d need to do is determine what features you care about for your purposes, and then extract just those from the data based on their tags and/or object type (ie. node, way, or relation). The filters you’ll most likely want to use are described here (–tag-filter would be the main one).
As for the resources required to process a planet file, I haven’t done that myself. I’ll leave that to someone else to discuss.