Lathe speed: 1000-1200 r/min
Order: Tripoli (red compound) on a stitched wheel, White diamond (white compound) on a loose cotton wheel, and finally wax (on a loose flannel wheel). Note that as you progress, the abrasive grit becomes finer and the wheel becomes softer.
I don't think the brand of compound is especially important. I bought my red compound at Harbor Freight, my white compound from PSI, and my wax from a vendor at a wood turning show.
Incidentally, the traditional wax for buffing is carnauba, but you can substitute either beeswax or microcrystalline wax. Beexwax leaves a softer finish, while microcrystalline leaves a harder finish that is less likely to show fingerprints but with a slightly lower gloss.
Hold the item being buffed in the 6 -9 o'clock region) as viewed from the end of the shaft - basically, you want the wheel to be moving downward and over the turning. Hold on tight - its very easy for the wheel to grab the turning and fling it to the floor where it will bounce around for a while. That's not good for the finish. DAMHIKT.
Also, buffing takes practice to master. I find that the best indicator of when you have buffed enough is feel - if it feels smooth, then move on to the next step. Be aware that is is possible to buff through a varnish or shellac finish - so don't buff any more than is necessary.