I use mine the first method you described and it lathers nicely. I have both Optimum Metal Polish the new version and P21s and I prefer P21s. They both do the job but P21s doesn't turn black, and no oily residue. The sponge rinses clean easily as well so I prefer P21s.
Leather Master Soft Cleaner followed by Leather Mastesr Protection Cream both water based and leaves no sticky or oily feeling. It's expensive for small bottles but they are good.
I think this is an awesome wax for the price. I had mine on since Oct and it was still beading well until last month when I clayed and polished the car. It looked great on my friend's metallic black car as well.
Leather Master Car Leather Protection & Cleaner Kit, Leather Master Leather cleaner, Leather protectant, leather conditioner
I just used this yesterday on all seats and steering wheel. Water based no greasy feel it's great.
When I use my porter cable 7424xp on bumpers and some contours, the pad always stops and I'm using speed 5 with 5.5" pads.
Is this where the meguiar's g110v2 "cruise control" feature helps? Would the Griot's Garage polisher do better in this situation as well?