How much wax to apply is up to you, depending on how much you work out ;-) I had no problem taking off liquid based wax, even when applying gobs of it in sections. The hardest and most protective wax, carnauba is another story. Foolishly reapplying the applicator for each section of the RAV, the coating was so thick that my arms almost fell off during removal.
Depending on the weather, let the wax set in at least 5-10 minutes. You'll know when it's ready when the surface turns dull whitish in color, and the feel is coarse and flaky.
I have one of those small buffing machines that I got from Costco, but after several uses, I suspect it the culprit of microscratches(I'm probably not using it right). Not sure of the best way to buff... Either way, good luck on your waxing!