Jay,
Basically, both guns are set up the same as far as the adjustments go. You'll probably just have to keep adjusting until the spray and fluid fits your needs.
As far as the wool pad or foam, I prefer foam. I haven't used a wool pad for about 4 years now. The swirls are easier to get rid of with the foam. Their are also different grades for buffing. I use a medium coarse, then I go over my work with a black "waffle" pad. Keep in mind, I bake all my jobs, so I can usually buff them the same day or the next day. A wool pad would really leave swirls.
I also prefer the Perfect It 3696 (I think that's the 3M part number) polishing compound. Probably the best compound I have ever used. It's gritty, but smoothes out after your run a couple of passes over it. I finish with the Perfect It foam glaze.
Keep in mind, this is buffing PPG's clearcoats. Some clearcoats I know of get rock hard even after a couple of days, therefore you would want to use a coarser foam pad and coarser compound (possibly the Micro-finishing compound).