I suggest 3-6 pads in each type. I can use 3-4 pads to do a full size truck or SUV during correction work. I change pads more often because as they loads up they act differently. The pads will loose cut, might even start to hop or pull you around. You *could* get dirt in a pad too. Its nice to have the option to just change a pad vs having to stop and clean it.
I would get some LC white pads for the majority of polish work. They cut pretty well for light marring and leave a very good finish. LC blue pads for finishing and jeweling, that can improve most of the finishes left by a typical white pad.
Then look into some wool pads for compounding. The wool will stay cooler during fast cutting than the foam, that can greatly reduce you chances of burning.
I like to use 6.5' pads, I use a 4 3/4' LC BP. I have no problems with that. *I* find smaller pads (vs. 7.5'+) to be easier to control.
Megs stuff will be fine. Do some research on the 105/205 combo. Menzerna and Optimum are also good polishes.
3m makes a polish called Ultra Fine (or Ultra Fina) that can be very easy to use. I use at the end of every polishing to ensure a glossy finish and no holograms (buffer trails). The rest of the 3m line will also do great work.
In other words, it will be more technique than product to archive good results.
Speeds: I spread polishes at 600rpm, work most at 1200 max. As most polishes clear out it is a good idea to reduce the speed and pressure to around 600-900 rpm for a last slow pass. That will help reduce any trails you created. It is usually not necessary to go much pas 1000 rpm. As I polish I check the temp of the panel with the back of my hand to ensure its not hot. More speed = more heat.
I think you will be fine. As you stated; keep the buffer moving, don't get too aggressive on edges, tape trim stuff. Watch painted plastics really close, they hold the heat on the surface, as opposed to "sinking" the heat away. The paint will come off before the plastic will melt.
Piece of cake.