The kit you've referenced is certainly a great option for a beginner package. The products included will certainly improve the looks of any vehicle.
If you purchase the kit mentioned, I would recommend the M105 on the Orange Pad to remove the majority of defects, followed by M205 on a white pad to enhance gloss.
Polishing How To with Meguiar’s M105 / M205 by Todd Cooperider
Since you're brand new to machine polishing, it will take a lot of time to complete this job. Even in the hands of a professional, a complete paint correction job is a very time consuming one... for someone who has no experience, it will take even longer. Do not rush. Plan accordingly and be patient. You will learn how to work the machine and products with experience.
You can use these other write ups featuring SBM BMW's as a guide.
BMW M6 Gran Coupe - Sapphire Black - Paint Correction & 22ple Coating Application
Black Sapphire Metallic X5 - Corrected & Coated
Let me know if you have any specific questions!
Zach McGovern
Detailed Image Ask-A-Pro Blog Author
www.AttentiontoDetailingPeoria.com