I am not sure I would recommend the PC if you are solely looking to use it for Waxing. The PC is better suited for polishing of paint. It greatly reduces the time it takes to polish a car and produces a much better finish.
Don't be nervous about screwing up your paint with a PC. It is pretty hard to do and I have never hear of anyone actually doing it.
As far as polishing is concerned, the PC is well worth the investment for a do-it-yourselfer. There is a ton of information about what pads to use with the PC and right now there is a pretty good deal on the PC and all the things you would need with it at http://autopia-carcare.com/son-daspol-kit.html
It includes three grades of pads and the backing plate you need and some bonnets for removing wax/polish (even though I would still recommend using MF towels to remove the product)
Any more questions, feel free to post them here. I would be happy to answer any questions.