Buick_Guy- Nah, you can't "burn" paint with the PC, not even if you TRY. Seriously. You *can* take off too much paint, but you can do that by hand too. The PC is as safe as any effective tool can be, all it takes is a (VERY) little common sense. If you want to be *extra* careful, just run the PC at a low speed. Once you try one, you'll see what I mean immediately.
Your RO will *NOT* accomplish the same things that the PC can. It just doesn't have the power. For polishing, you really oughta get something like the PC if you can swing the cost. It would be *much* better, investment-wise, than spending $50 on a RO of lesser capability. That $50 would be a big chunk of what a PC will cost.
Get the PC, a mild polish like 3M PI-III MG ( pn 05937) or 1Z's Paint Polish, a bunch of pads, and go for it.