I've got a variable dewalt and on low it's 1000 rpm. Careful if you use a foam pad, to much pressure and you can over heat the surface causing small blisters.
Don't ask me how I know

Thats using the meguiars. The # 7 is mainly a hand polish so it works best slower. No water. There's another product Aqua Blue. There's two grades coarse, fine. I use water with the fine only. Like it a lot. Geared more for gel coat.