You can use a buffer to apply wax, but not as well.
If you get a rotary, and havent used one before, get to know someone at your body shop...you'll need him. You can screw up a paint job in seconds with a rotary. All it takes is hitting a body seam, edge, or letting it sit in the same spot.
I have been using a high speed rotary for over 15 years and get a little ansy at times myself.
I have a Milwaukee and Makita high speed, but use my Porter Cable 7424 most of the time. It is a little spendy (around $100) but pretty good buffer. Make sure you use the correst size pads/backing. I think it comes with a counterweight for 5", so use 5" pads or get a 6" couter weight. I recommend getting a 6" CW, 6" VELCRO backing pad, and at least two cleaning and cutting pads.