Peter I do apologize for not covering all your questions. I just realized this.
I have always prefered using Flex Cut gold polish compound over anything else. Flex Cut is a well known company that makes some of what I consider to be the finer carving knives I've used. Many times in the old days when you bought one of their knives they came with a sample of their gold compound so I always had some around. It lasts a real long time, and it is easy to break apart and have some on you in a vehicle, or nap sack or even in the handle of a knife so equipped. Oh, and it works.
Many people don't like the 'wax' type of compounds but after using both those and the powders I do prefer the wax as it is less wasteful and it isn't anywhere near as messy. The aluminum oxide powders are quite abrasive to table tops and I have scratched up the surface of more than one by not being careful with some of the powders available. Both work though.
There area also many guys that just use a brass paste, or a bar of the red or green rouge for polish wheels. All will do the job, some cut faster and some don't. It is a matter of experimentation to find which one you prefer.