It depends on the material being buffed as to what wheels and compounds are used and in which combination. The size also matters, again, depending on material, because the larger the wheel, the faster the edge travels(higher speed). Speed equals rapid heat build up. Avoid heat as much as possible.
Buffing can be done on a lathe, if you like changing set ups all the time. It's best to have a dedicated motor. As Ed mentioned, any motor will work, just get an arbor to fit the shaft. Make sure the wheel spins toward you!!
Getting a catch is pretty dangerous, so avoid those. They also make choice words fly around.
Don't use much pressure, the compound does the cutting, not the wheel. This too will create heat build up. Use the cut and color strokes for best performance.
Buffing doesn't replace the sanding process.
That's not everything to know, but will get you started.
Good luck and be safe...