Kevin wrote:

Prior to my shelling out $$ for buffing equipment I would ask a couple
questions.
Let's assume I have turned my bowl and sanded to around 220 or so. I
then apply some Watco Danish oil, or BLO. I sand more to around 500
grit. After sanding to 500 would be the point to start the buffing,
yes? After buffing I could then apply shellac if that was my
preference, yes?

Kevin, you mentioned using shellac, therefore I assume you have some.
Before you shell out the big bucks try this. Power sand to 320 (HF has a
nice offset drill motor for about 20 bucks - then use whatever system
catches your fancy. I like Powerlock) THEN, stop the lathe, put on two
liberal coats of shellac (I use ultra blond). As soon as they are dry,fire
up the lathe and buff with 0000 steelwool and then apply a couple of coats
Briwax (or wax of your choice) and buff with a soft cloth on the lathe.

See if you like the results.

Deb