You want to start with the least aggressive method first, which would be the 49 oxidation and a foam pad. If that doesn't work to your liking move to a wool pad and the 49. Depending on how bad the oxidation is that might not even work and you may need a better compound with a wool pad or even a wetsand.
For the polish use a foam pad.
I'm no detailer but have wetsanded, buffed and polished my boat before.