Personally, I use only waxes that do not stain trim. Poorboy's,
Souveran, and FK1 Pink are 3 of my non-staining favorites.
As for polishes, I tape every time I use a rotary. You can get away with not taping on a PC/Cyclo job, but on a rotary job you need to tape all the edges and sometimes tape masking paper over the entire trim section, depending on how the trim is laid out. The amount of time this takes is miniscule compared to the time it takes to fix sections (espicially textured) that get spattered with polish. You don't have to be that picky about your taping, I can tape off most cars in 5 minutes or so. Just make sure to use blue or green finishing tapes and not the white stuff.