First things first. Read and follow the manufacturers instructions.
If they say use a damp pad, then use a damp pad. Same way with using a dry pad. Supposed to wipe it off right away, don't let it dry for 30 minutes. Supposed to let it dry for 30 minutes, don't wipe it off right away.
You can avoid a lot of problems just reading and following instructions,
>>1. Applying a glaze/polish first and then removing it.
Apply with a foam applicator pad.
Remove with a MF or cotton towel
With a PC, use a polishing pad to apply, remove with MF or cotton towel
>>2. Applying a wax and removing it
Apply with a foam applicator pad.
Remove with a MF or cotton towel
With a PC, use a finishing pad to apply, remove with MF or cotton towel
>>Also is there a pad available to actually remove the wax with >>the PC 7424?
No. You can get a MF bonnet that goes over a PC pad, but I don't know of anyone that uses them.
There is mixed opinion on this, but you can put a MF towel on the paint, set your PC at 1 or 2 speed, place the pad on the PC and let it do the work. I do this once in a while, but it's not necessarily any faster. Helps justify buying the PC, though.
Where you will appreciate the PC is if you have minor paint blemishes or swirls. You can remove many of those.