I did about the same thing that a few of others have suggested. I got 2 buffing wheels, a couple of arbors to mount them on a drill, and had to get a couple of pieces of spacer stock out of the "assorted Hardware" bins to go from the 1/2 inch shaft on the arbors to the 5/8inch hole in the buffing pad.
When I get done turning, I just pop the mandrel off, pop in the chuck, pop in the buffing disk, buff, change pads, buff again. Take only about 15 - 30 seconds to change over (depends how deep the chuck key gets buried in the shavings).
I know it works well for me, and my price was around 30 or so also
Steve