I've heard of people removing/buffing wax with foam before and I've tried it- not my cup of tea, I'll stick to buffing it with MF. When I did it, I worked by hand using a foam "wax removal pad" that I got from Griot's. It was about the same as a regular finishing pad. Too risky IMO, I'd worry about marring or at least streaking, especially once the foam gets loaded with wax residue.
I apply with the PC/Cyclo (speed ~4 with the PC) and remove with MF bonnets on the same machines. I remove all the wax (#16, 476S, you name it) with *usually* just one MF bonnet, and that's on the A8 or, more recently, the Blazer. If you put the wax on nice and thin, one bonnet (and one MF for by-hand follow up) will be sufficient. If you put the wax on thicker, then yeah, you're gonna need more bonnets/towels to get it all off (which is a good example of how excess LSP is a complete waste of product, time, and effort).
The last time I buffed #16 off the A8 (this last weekend) the ~6"
Meg's MF bonnet still looked perfectly clean after I was finished, couldn't see any wax on it. But then I'm a bit of a fanatic about thin LSP applications.