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Same here. Being a newbie myself, I took an ultra cautious approach. After getting my Porter Cable, 105, 205 and pads (from Chemical Guys) I practiced on my 03 GMC SUV that has enough bumps and bruises I wouldn't feel bad if I had a mishap with the buffer.
Even then I started with the least abrasive pad and compound, and then went more aggressive if necessary. And, I worked in small areas very slowly. This isn't a quick process but the results were very good for me.
If you have something to practice on before taking it to the Corvette, you should be fine. If I can do it, anyone can.
Is there any color consistency with the pads like compound used to be? Red was coarse, white was finer, etc?
No. Different manufacturers sometimes use different color coding systems. For instance here are 4 systems in order of decreasing aggressiveness (this week):
Standard Lake County:
Orange
Blue
White
Black
Red
Yellow
Lake County Hydro-Tech:
Cyan (Blue)
Tangerine (Orange)
Red
Griots Boss:
White
Orange
Yellow
Black
Griots Standard:
Orange
Black
Red
(Yellow is a "scrubbing pad" - NEVER to be used on paint)