I have just started the process of polishing my -8 before initial rollout. My current plans are to go ahead and put a 20' polish job on her and paint the trim pieces for the first year or so and then give her the dream paint job once the bank account builds back up. I live near the coast, so life with a polished plane is not likely to be a good experience...
I have purchased the Nuvite and am using a $50 buffer from Northern Tools. I purchased some good wool buffer bonnets which are holding up very well compared to the cheap poly that you find in the discount stores. I wrap an inexpensive auto compound/buffer in a microfiber cloth for the 2nd and 3rd pass with progressively finer grades of Nuvite. It is filthy work, but very rewarding. The bonnets and micro fiber cloth can be tossed into the washing machine whenever your wife is out shopping...
Don