If you're going to do much polishing, it's not only necessary to have separate wheels for the various polishing compounds, but you will find that you need to have wheels in various widths and diameters, for reaching into small areas, between fins, etc.
If you have a buffer where the polishing wheels bolt onto the shafts, do yourself a huge favor, and mount tapered spindles on the shafts, then buy buffing wheels that are reinforced in the center for use with tapered spindles. The spindles will only cost $5-10, and the buffs are no more expensive than the kind that bolt on. But the tapered spindles allow you to swap from one size wheel to the next in mere seconds. Try them, and you'll wonder how you ever got along without them.
I've found all too often that buffing kits come with loose muslin buffs that are way to soft. They are great for polishing stuff that is already nice and shiny, but useless for polishing a corroded engine case. For that, you will want to start with a hard, large diameter buff and coarse compound, like tripoli.
Search jewelry suppliers for the tapered spindles and buffs.