I have always applied and removed wax, etc. by hand. Looking to have a machine do some of the work - especially with more boat and cars these days. The photo shows the 7 in. Variable Speed Polisher/Sander (HF), foam bonnet, and microfiber bonnet I got. Do I need a foam pad under the bonnets?
Visit any good auto parts store that sells paint and painting supplies (usually specialty parts stores) and they will have a good selection to set you up. I always buy my compounds in larger containers there too.
You wouldn't use wool pads unless you were polishing metal/aluminum with a high quality aluminum polish. Foam pads are for applying polishes and waxes, and there are different colors for different products.