Never have any string, wire, rope, lanyards or torn, ripped or loose clothing or hair anywhere near the buffer. I've been working in the plating/polishing industry for over 20 years and just reading this thread is making my hands sweat. We use monster 3 - 5 HP buffers that run about 3000 rpm, the wrong move on one of these machines can result in broken limbs.
I would definitely keep the max rpm to 1750 or less and use the tightest spiral sewn buffs that you can find, probably 3/8" spiral. The tighter, more dense the buff, the less likelihood of a catastrophic 'catching' event. That's just what I would do, I do not recommend anybody take this advice. /disclaimer off