I am no expert!!
But I have run an old two speed rotary polisher over most of my rig for many hours. I have yet to burn any paint with the wheel.
As previously said, get foam pads or wool pads that use hook and loop attachment. The pads will stay on the machine and last longer than those drawstring type pads.
Just as sand paper has different grits, polish and rubbing compounds do also to a degree..
Rubbing Compound (Compounding) is quite aggressive in surface removal.
Polish is less so (Polishing). I kind of view polish as a 1500 grit or higher wet/dry sandpaper grit level when polishing my painted and gelcoated motor home.
Pads are sold for varying levels of aggressive polishing or compounding. I think the wool pads are more aggressive than the foam pads and I use wool only for compounding.
I have had good luck with the Mcguiar's polishes but am not knowledgeable enough to compare them to 3M.