Yep either way will work, but I like using the PC for the extra polishing it provides. I use speeds 5 and 6, and usually a blue Sonus DAS pad. If I'm looking for a little extra *bite* I use the green polishing pad.
Meguiars polishing or Propel Green pad with a speed of 5 to 6. VM can be worked a very long time and with a polishing pad and the speed on 6, it will remove light swirls and scratches.
By hand it fine too but it won't correct the paint as much.