Sorry to break it to you, but you won't get very good results from that buffer. All it'* really good for is waxing. The problem is that it'* too large, and doesn't have the power to do proper correction. You need a smaller pad size to concentrate the pressure (unless you get a rotary). You will be able to get the paint looking much better than by hand, but don't expect to remove any swirls or scratches.
As far as wax, carnauba wax (liquid or paste) is usually best for looks, while sealants (like LG) will give you the most durability. Collinite is one exception to the rule, as their waxes last months.
2003 Black SLE-Stock
2000 Mercury Mountaineer
1968 Oldsmobile Cutlass Convertible-455 cubic inches of muscle