First, read Mike Ryan's sticky post at the top of this Forum, something like Proper Procedure for Buffing".
Next, equipment:
You definitely want a rotary buffer, and you want one with enough power to maintain the proper speed at load. What is the RPM rating on your buffer (it should be on the plate on the tool)? What is the power rating? Does it have a variable speed adjustment?
For pads, compounds, polishing agents etc, you want to find a good local auto color or auto paint store. If you don't know of one, check the yellow pages.
Compounds and polishes - basically the same thing. They work by abrasion, like sanding but in a cream form. The differences are the grit and the primary agents. The brownish products use silica, the white are generally alumina. Some steer away from silica (brown) fearing that it discolors the gelcoat. So long as you polish with a finer white polish afterwards there shouldn't be any problems. Meguiar's makes fine products, but other than their waxes I don't know which one when. If you have a product called "polish" it is likely a very fine abrasive much like Finesse-It. Personally I lean towards 3M compounds and polishes because I know which one I want - just less personal confusion. Both are good suppliers. I do prefer Meguiar's waxes - Flagship Premium after the compounding and polishing are done. Collinite is another boaters favorite, but a bit more work and not very forgiving of poor surface prep.
As a suggestion, once you have everything ready, pick a modest size area where you have obvious blotchiness and work through compounding and polishing. The stand back and critically inspect - how does it look ? If it doesn't look well polished, smooth and good natural gloss but still shows signs of blotchiness or a dry rough look, then the surface hasn't been adequately smoothed yet. Don't get discouraged - it may take a few tries to get the hang of it and know how much compounding is needed to restore the finish.
If you have ever polished a car, gelcoat is much thicker and harder than auto paint. It's about 5-6 times thicker and is quite hard. Things to be careful of are running the buffer in one spot leading to heating and "burning" the surface - keep the polisher moving. When it comes to sharp edges and corners, don't polish directly on the edge - approach it from both sides to the edge point - edges tend to be the thinnest areas. If things tend to dry out before they are adequately polished add a bit more compound/polish or mist lightly with water . Keep it moving, keep it very close to flat (slight tilt up on the left side is good) and take your time. I also find it easier working on boats with all the hardware and inside corners to remove the handle from polisher.
Read Mike Ryan's procedure.