I'm looking for the best way to buff out the old paint and wax the plane. Any suggestions on what to use.

I’d recommend starting at the Nuvite website. They have videos on how to
do it, equipment needed and how to use which of their products. Their products are the best out their for the purpose.

Is it dull/faded? What paint is on it? A compound/polish if there’s enough paint left followed by ceramic coating is the way to go.

Chip-

I’ve had excellent results with Starbrite

https://www.aircraftspruce.com/catalog/ ... rbrite.php

If you have not ever buffed paint, hire a pro.

You can, and probably will, buff the paint off every rivet and panel edge, leading to you needing a paint job.

^^^ what Tony said..! I’ve had great success with their Nupower II product..