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I bought a full kit from Napa made by Carborundum called Carbofinish. It comes with one bottle of compound and 3 separate pads. None of them are wool. Its pricey at about $75 for the kit but well worth it. You buff in stages working your way down to the last pad all using the same compound. Just don't buff it dry as you will leave swirl marks in black. Its very easy to use and you will be amazed by the results.

Also put some tape or finishing putty on each side of the runs to keep from sanding through. Break off a small piece of a paint stick or something and wrap your paper around that making a tiny sanding block. Try to soak the paper for several hours before starting too. Take your time and you should be alright. Maybe start with the less obvious runs until you get the hang of it.

Buffing with wool is very old school. Very little people use them anymore. I would just use the white and black foam pads for buffing and polishing. Can't go wrong with 3M products either!

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Man that looks nice. I have no patience for painting, I am honestly terrible at it. I can prep and work the steel but the actual painting I hand over to someone else. Did you set up any kind of paint booth in your garage?