Daniel,
I don't want anyone paranoid, just careful.

Breathing is very precious, and when it's gone, it's gone for good usually. My inability to breath controls my life. It's my own fault. If I can make one person pay enough attention to save their lungs, then I won't be quite the fool I've already been. I'd rather see you put that thang on as you enter the shop than forget or ignore it just once. Sorry to preach, but.....
I ran down to the shop to "fix a fly-scratch" one time. I decided it was so small a job I didn't need the mask. After I started, I decided to rake the buff, then reload it. Then I polished the scratch out. Shortly after I couldn't breathe well, and started a persistent cough. I developed pneumonitis from it. My lungs lit up on an xray with the metallic-based crap inside. I coughed constantly for six months. Even after I healed, I couldn't wear a respirator because it was too hard to breathe through. One thing led to another and I dropped out of knifemaking for a long time (years). Nowadays I'm not so healthy, and some of it traces back to that single incident. I don't breath well even on oxygen, and I can't begin to tell you how much of a PITA that is!
As for buffing speed, Baldor includes 1725 and 3450RPM buffers in their industrial line. I assume they know what they're doing. I use 8-10" buffs, so I would assume with those smaller wheels you could get by at 3450. Personally, I like the slower speed and larger buffs...more compound.
Really, just pay close attention and inspect frequently to prevent problems with finish. Keep plenty of compound on the wheel. Mount the machine at crotch level, not up high. (That's another story!) Use the lower front quadrant of the wheel, and don't bear down too hard. That said, something's still going to fly eventually. Keep pets and friends away! Wearing a face shield will also provide some greater measure of protection. Poeple buff stuff every day..it's just a high-attention task. NO DISTRACTIONS!