Pad size may vary. I understand why some say 5", I use 6" and find no problems. Just go slower in arm movement if things don't go fast enough. However, I've never had a problem.
Pad wise there are several combinations of products and pads that will work but generally speaking what I would suggest is testing out with the least corrective combo needed and move up if needed. That said:
HDSpeed on a green pad or even white pad if it's not bad. I just used it with a Green Pad and it was great. If it needs a little more cut, you could move to an Orange Pad.
I was so impressed with the above that it's going to be my go-to for light correction work. No dusting and easy to remove. It finished with a feel of a polish not a LSP on our van and I've heard mixed reviews on longevity but then I always finish with a much stronger LSP anyway. I just like the ease of use.
Megs Ultimate Polish on a White or Orange Pad. This was and still is a great combo that I like using. If you're going for the first go-round on your Vette, this will likely be the better route. I say this as I would also strongly encourage you to look at the taking another pass once it's corrected with Menzerma SF4000 on a white pad. It really puts a polish on the finish that creates a strong mirror effect.
Plan on looking at about 6 Orange/Green pads and perhaps 4-6 white pads. 1-2 black pads.
In terms of finishing, I tend to go crazy topping things off so your mileage will vary, but there too are a number of combo's you could go with. Here too there are a number of different pads, but I tend to stick with black for spreading my LSPs.
I really like the Chemical Guys Black Lite now. I just applied 2 coats to my wife's black metallic paint I did yesterday and WOW! It sure did help deepen the color intensity of the flake and depth tot he blacks. It's a hybrid glaze that fills in and deepens with a light sealant thrown in. It's not a final product so I topped it off with Collinite because it's winter here and that stuff is awesome. I also use and love Menzerma Powerlock synthetic sealant product. Never used Meguiars Ultimate Liquid Wax, polymer wax, best car wax, Ultimate Wax but it sounds like a winner and if it's like the other products in their line I'm sure it is.
Hope my nickels worth helps.