The list you've put together is pretty much perfect, only thing iffy is the sponge, I'd change it for a mitt.
Most people use masking tape when using machine polishers such as a rotary or a da.
The wax will haze over to a cloudy kind of look, if it doesnt haze drag your finger gently over it, if it feels slightly grippy its not ready to come off yet, if it comes away easily then buff away.
To buff off the wax your going to have to use pressure to buff it off, then when buffed gently wipe over each panel to make sure you got it all off.
Red Mist is more of a top up/quick detailer spray, so use it between waxes to keep the protection level up, just spray it on and wipe it off straight away, folding the cloth and buffing after.