I have been buffing guns for about 10 years for refinishing. Started on knives about 3 years ago. I only buff some knives. I was lucky, got a Baldor in a sale and have had no problems so far. A good buffer can be up to about one horse, 1750 RPM. Any more and it will get very chancy. I read about people lugging down their buffers and cringe. Even with a 1/2 HP, if you let the buffing compound do the work, it will be fine.
Buy a number of buffing wheels, 6-8 inch diameter. I have fely wheels that match the diameter of my belt grinder to polish hollow grinds. Only use one compound per wheel unless you want to chase scratches forever. Put something soft under and behind the buffer, so that when something does get thrown, it won't back into you.
Keep a good coat of compund on the wheel. If it seems to take more pressure to get the wheel to cut, you need more compound. I bought all my compunds through Brownells, since I can get a discount. I think I have 7 or 8 different grits, from 140 to "shines like a mirror". Some people will use sand paper up to 2000 or more, only using the buffer for the last few seconds. I learned to buff flats and curves on guns with the buffer doing the work. If you use good wheels, like medium to hard felt, and light pressure, you can get crisp edges and mirror shine and make the motor do the work. As I get more mature (read old), I try to use power other than my own for as much as possible. The people who do the beautiful polishing jobs at the gun manufacturing companies do almost everything with power.
I got a lot of info on buffing from Brownells Gunsmith Kinks. Its not rocket science, but a lot of useful tips and methods.
With your background, much of this may be old news, but you asked for info.
Chip Kunkle