A single motor with a shaft will work just fine for this technique. I bought my wheels and compounds from Klingspor.
The "Beall" system consists of 3 different wheels and 3 different buffs.
First is an all linen tripoli wheel, the coarsest of the 3 and is used with tripoli compound to remove fine scratches and imperfections in the finish. i have a spare one of these wheels that I use "dry" sometimes to do the same thing on an oil finish to great effect.
Second is a flannel-linen wheel that is supposed to be used with diamond compound. This refines the finish to perfection and prepares it for wax. But the diamond compound is white and can get in wood pores and be impossible to remove. I don't use it on any dark woods anymore.
You can guess why....
And third is the all-flannel wheel of which I also keep a spare. This is used for applying and buffing out carnauba wax and will give you a blinding shine. The finish underneath must be flawless, thus all the preparatory steps, or defects will show. Sometimes I will just use the flannel buff by itself and heat up a finish to get a wonderfully smooth polished sheen without the high gloss. I am fortunate in that I have a 30" wide Baldor buffer for my buffing operations that is powerful and provides plenty of room for buffing even large projects.
Be aware that if you hit the buffing wheel at an odd angle or on the corner of your project it can snatch it out of your hand and hurl it to the floor or against a wall. I have seen many hours of labor ruined in a millisecond of carelessness.
I have friends who swear by the Beall system when buffing out lacquer on their turned hollowforms. I will put a picture of one I received from a friend for my birthday. It is to die for.....
Hope this helps. Don't pass out at the cost of these high quality buffing wheels. They are $15 or more each not including the compounds.