I am seeing where you are headed now. Your product choices are fine, but your process needs some work.
First of all, the Meg's polishes need to be *worked in*, not *applied*. They won't do anything if you just apply them. You should start off with a polishing pad. Your yellow pad is the most aggressive pad, so start with that one and your most aggressive polish....step 1? Not sure because I haven't used these particular polishes by Meg's. Anyway, start off by putting a little polish on your foam pad (dry) and rub it in, this is called *priming* the pad. Next, put your PC on speed 4 and start working the polish in a very small 2ft x 2ft area on a single panel. You should be moving the PC VERY slowly, and I mean at a snail's pace. Use linear motions and overlap your passes. Once you get going and the polish has been pretty well spread out, put a little bit more polish on your pad and this time bump your speed up to 5. This is where you are going to stay throughout the entire polishing process, or until a fresh pad is placed on the PC and needs to be primed again.
Now that you have successfully primed your pad, start working 2x2 areas until the polish either disappears or you start to see dust. If either occurs, stop polishing, wipe off any excess with a microfiber towel and inspect the panel. If you are happy with how it looks, then move on to the next 2x2 area, and repeat until the entire car is full polished. On the other hand, if you are not happy with the results, then polish it again, and repeat as necessary.
After you finish with Step 1, then move to your Step 2 polish with the white polishing pad, and use the same process as above, starting with priming your pad.
Very little product should be used. Once the pad is primed, and you are working the polish in until it's gone, all that should be needed to keep you going is a small ring around the pad, or even less. If you find the polish never drying and it keeps smearing around, you are using too much, back off.
I don't see any reason why you would need the bonnets during this process. You shouldn't have much of any product left on your paint after polishing to be removed, all that's needed is one mf towel.
Okay, now that your car is completely polished, it's time to make it pretty with NXT. Use your blue finishing pad, except this time *apply* it over the whole car very slowly, using linear motions, on speed 4 to 4.5. This isn't a polish, just a light paint cleaner with a protectant, so working it in like the polishes isn't necessary. After you apply the NXT over the entire car, let it sit for about 15 minutes and then either remove it with a mf towel, or put one of your mf bonnets over a dry pad (yes, your factory white pad can be used here), to remove it. If you decide to use the bonnet over a pad, keep your PC around speed 4.
I hope this helps a bit.