First off, I agree with Bob. That girl is a KEEPER! :dblthumb2:
The comment on white pads is dead on. I own over a 100 pads and have more white ones than any others. They can be used for both compounding and polishing, not matter which size. So yeah.... get half a dozen of them.
I'd say 3 yellow, 4 orange, 6 white, 3 green, 2 blue, 2 black in some mix of CCS and flats. All in 5½" of course. Another reason for the smaller pads (besides being easier to work) is they cost less, and I figure by now you're finding out this hobby gets expensive in a freaking hurry.
Your Caddy has relatively hard paint so at the very minimum you'll need orange pads to compound with, at least 4 if not 6 to do the entire car. Good thing is once it's compounded you'll probably not need them again. (At least with a SMAT compound such as Meguiar's 101/105.)
You mentioned the Mequiar's Microfiber Correction Kit, yes? I'd say get it, if not get 2 of them. Mequiar's includes a backing plate with the kit, as well as 2 cutting and 2 finishing pads. Plus you get a bottle of D300 and a bottle of D301. The GREAT thing about the MF pads is you can use them longer (with air to clean them) than you can a foam pad. If you can keep the pad from heating up, (as in swapping them often, and finding a way to cool them between uses, maybe a fridge in the garage) you can do an entire vehicle with 2 pads.

Easier with 3 or 4, but it can be done with 2.
I can't say that about foam cutting pads, AT ALL!
Plus now Mequiars has yet another cutting pad and a D302 that actually falls between D300 and D301. (
Weird huh? Just that 300 and 301 came out a long time ago and 302 just came out. They should have done them all at once to avoid confusion.)
Either way, the MF kit is a GREAT deal! Doesn't hurt that you get two non clog squeeze bottles in the deal.
If you're thinking about some small pads and a backing plate to match, you might want to look at the Meguiar's spot finishing and headlight kit. Here on AG it's only $125 (list's for $295) and has tons of sanding disc's along with 2 each of the Meg's 4" wool, cutting, polishing, and finishing pads, along with a backing plate and a hand pad holder. Oh, and a small bottle of 105 and 205 too.
