IMHO I would use 400-800 for speed until you get the hang of the thing. A hint ... put the blank lower than the center of the wheel and carefully pull upward to just above center. Repeat.
(2) Experience will show you how long it takes as it differs with each type of wood
(3) Read the directions and FOLLOW them. There is no benefit from over charging the wheels.
(4) With the first wheel it will begin to change color quickly as the wax is darker. Be sure to charge the first 1/4" to 1/2" of each side of each wheel. The other wheels should remain colorless until they have been used a bit. With the second and third wheels, charge them a bit and buff. If they are not doing what you want charge them a bit longer. The Carnuba wax is very, very hard and a little bit goes a long way. Again experience is the best teacher.
(5) I would recommend a thorough drying period else you will be adding the BLO to your wheels.
BTW, be sure to first - before you charge the wheels - use the rough CLEAN file idea or 100 grit sandpaper (this worked better for me) to remove the "stringies" and be sure to have the vacuum running as lint is going to go everywhere for a while. They will drive you crazy the first time you use the buffing wheels. I have been using mine for over a year and I still end up with tickling fuzz in my face.
Be sure to keep your wax blocks separate from each other to avoid cross contamination. Different baggies has worked for me very well.
Until you learn where the catch point of the wheels are I might also recommend that you put a rubber mat across the ways of your lathe and under all three wheels. This may help in avoiding a large ding in the woods you are buffing when the inevitable 'catch' happens and slams the work piece into the lathe. IT will happen to all of us sooner or later! [
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