TBH, I prefer the finish from wax and oil, but that's just personal preference.
Buffing wheel wise, I use a loose wheel for wax/oil and a soft stitched wheel for the compound (mainly because that's what's reccomended for woodturning applicaions! I use the motor on my lathe, so I can set the variable speed to about 1500 RPM. Any faster and the finish doesn't get into the wood.
The buffing compnd is ever so slightly abrasive, equivalent to, I think about 1200 grit, so gives a nice sheen. You don't need a lot (made that mistake first time i used it!), just hold the bar up to the buffing wheel as it spins for a couple of seconds, to coat the whole face of the wheel and gentle pressure of bat onto wheel. Too heavy and you stop the wheel.