Wax and Buffing advise PLEASE!

So I’ve got a show this weekend and it'll be the first time I’ve had to really detail my car. I've got a variable speed orbital buffer and Meguir's "Cleaner Wax". I plan to hand apply the wax and let it set for 45-60 minutes before I use the buffer and a cotton terry cloth pad to remove the wax. Then I plan on buffing it even more with a 100% wool pad. The owner before me used Meguiars NXT Generation Tech Wax but told me if I waited a while (over a month, this guy waxed it every weekend ) to wax it, to use the "cleaner wax" instead of the NXT wax. My questions are:

Is this the best way to go about waxing my car? If not, what do you think I should do differently to get the best look, while not damaging my cars paint?

What speed should the buffer be at during each phase of the wax job? The buffer speed ranges from like 300-3300 rpm.

How should I address the tiny chips in my hood? I'll put it this way, when I bought the car, it didn't look like it had ANY tiny chips in the hood, yet now after it hasn't been waxed for a while, I can notice them (I wash my car twice a week).

Thanks in advance!
 
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Its nice to have a show-quality clean car every day, but all that washing and waxing is going to DESTROY your paint in just a couple years. Take it from me, I learned the hard way, as my paint is so thin in spots, you can almost see the primer underneath. Now I only wash it maybe once a month.

Wash it, dry it right, and wax it the next day to make sure there are no wet spots to ruin your wax job. Waiting 40 minutes after you apply the wax is very unnecessary. A minute or two is usually enough, you want to wait just until the wax begins to haze over. You can power buff it, But I've always done it all by hand to avoid swirl marks. Also, you want to wax in long, even strokes that follow the body lines, NOT small circles.
 
While I'm thinking about it, Meguar's is my favorite brand, so you are on the right path. I like to use microfiber towels to buff out the wax and dust the car, they seem to work the best and are supposed to be the softest on your car's paint.
 
I agree with NikwoaC, it is unnecessary to wax a car that much. I detailed cars as a job for 41/2 years. Unless your car has scratches there's also no need to buff it, if you haven't buffed a car before don't use a wool pad, they work real well but go with a foam pad to start off with until you get the hang of it not as easy to mess up the paint. Also dont wax the car before you buff it you do that after or use buffer with polishing compound it will take out the littler scratches and also brighten the color. Only leave the wax on until it hazes over or dries it will only take a few minutes. As far as the chips in the paint waxing or polishing the paint will help hide these if it's just the clear coat that is chipped.
 
If you can get some Eagle One CG2 cleaner glaze it works great imo, it was one of the best products I used. I used the buffer when I put it on with a foam light to medium duty pad. Also like NikwoaC said get a microfiber towel, they are the best thing for wiping off the wax or dusting off a vehicle, when I was detailing I used one for applying the wax.