I have a Makita buffer that sounds similar to what you're talking about...
...and it works as advertised. However, it's a variable speed as opposed to two-speed, which I think may be important based on my experience with it.
When buffing out new finishes, you're not using wax - you're using various grades of buffing compound. It relies on its abrasive qualities to do its polishing. Because of that, it tends to "grab" at the surface. That does at least two things. One, the buffer wants to throw the part you're buffing, which will just ruin your day. Two, it tends to heat up, which can melt your finish, also ruining your day. Note that those two things can happen even with a stationary floor-standing buffer where you have two hands free to hold the body, which kinda tells you how real the phenomena are.
With the variable speed unit, you can go slowly enough to somewhat mitigate those two things, assuming you have a willing partner or some sort of non-marring/non-destructive way to
firmly hang onto the body while you buff it. I'm not sure the lower of the two speeds a polisher has will be slow enough to do that. It'd be worth doing some experiments, as buffing a finish out by hand is no fun at all.
Another experiential note - get a couple trash bags, one for you and your partner in crime, and cut out head/arm holes so you can use them as disposable aprons. Even at low speeds, that rubbing compound is gonna go
everywhere :laughing7:
As for pads, I've been using
these wool pads. I notice StewMac and LMII both sell
foam pads for use in variable speed drill motors.
So, apparently either material will work. The buffing compound impregnates the pad pretty thoroughly, so maybe it doesn't matter.
edit: I should also mention that you can't mix compounds on the same pad, which means you need a pad for each grade of compound. So, maybe coarse depending on how good your finish sanding is, but definitely medium, fine, and polish.