I have been doing about one panel a night, I wash it and hang it to dry overnight. I found that the "hair" matts up and marks the surface if not cleaned often enough. I may get another one so I can switch.
Have not settled on a glaze yet (any recommendations out there?). I had some "Mothers" glaze from a few years ago and tried it, but it seemed to actually haze up the finish rather that the other way around, so it's going in the round file.
As I said, I think it doesn't hurt to use the 3m compounding foamy first then switch to wool, that'll minimize the frequency of washing the wool pad. The 3m foam pads I have for the balance of the polishes all work well....and when using them and the polish seems to dry up, squirt a LITTLE water on the panel and it will draw more polish out of the pad.