I am using a Makita variable speed buffer with lambs wool pads and it works well for me.
The first time I did this I used Meguiars 67 One Step Compound. The results were good but I found that I had to do each area twice to get the results I was after.
Last year I ran out of the 67 and found Meguiar's M49 Marine/RV Heavy Duty Oxidation Remover on Amazon for about $80CDN for 1 gallon. I have found it to be a much better and I did not feel I had to go over the area twice. I has a much more gritty feel to it. I will be using it on my hull this year.
For was I am using the Mequiars flagship wax. I goes on easy and after a long day of compounding..... easy is good......
Cheers
Fraser