Well, I bet this hasn't made you feel any more confident of buffing!

In fact, everyone you ever talk to will have a horror story about the buffer. And like some here, just not use it. That's not an option for me, so I just do like Nathan and work below the centerline of the wheel so that if it does grab the work is more likely to go down to the floor and not into my very own and only body. I have placed a rug under my buffer to protect my stuff when it goes flying. And yes, that happens often enough, regardless how careful I am. I apply all the tricks mentioned previously too - edge down, tip down, etc.
Just be careful, never go around the thing if you're in any way impared or distracted or tired, or if there's a chance someone might come up to you unnoticed and scare the living bejeezus out of you...you probably don't need to ask why I mention that and can probably imagine various consequences.
As to compounds, a couple suggestions. Have a different wheel for each compound, and keep them and the compounds covered when not in use. If you don't cover them they may become contaminated with larger particles in the air, and end up being some grit other than you intend.
I use a 600 cork belt with green chrome on it, followed by white, and finish with pink. This seems to work best for me. I don't buff unsealed wood, or wood with large pores regardless the color of the compound. If your wood is well sealed, you can probably buff and in those cases I use pink. I use pink for everything at the final finish.
Good luck, be careful and keep all your parts!
Dave