Sad, little man -- My experience says there's no towel that will meet all your criteria for removing wax and applying/buffing QD -- i.e., I haven't found one that is effective, swirl/smear free, readily available, and costs less than $5. I'm now using Autopia's Concours Buffing Towel (though I understand DFTowel has a comparable product). I don't really care about the price or "ready availabililty" as much as I care about effectiveness. Autopia's CBT does the trick magnificently for me. Some genuine 100% cotton high-quality, made-in-USA bath towels (available from high-end department stores) are reportedly suitable too, but I don't think you'll find one of these for $5.
About polishing bonnets, I have the same question as Bill D. I'm using the Lake Country polishing pads for my PC, courtesy of Top of the Line. I've found them durable, long-lasting, and effective, and a good value for the money. TOL gets them to me very fast. But I don't think you'll find anything equivalent at WalMart.
BTW, we might sometimes be able to help you better if you added a "location" in your User CP. I don't have a clue whether you're in Arkansas, Canada, or outer Slovenia, so it's really hard to tailor an answer for you.