Good morning!
When I began using buffing wheels, I used a 1/3hp motor. Buffing can be done with 1/3hp, but it's not enough power to do any kind of aggressive buffing. Bogging down of the motor will be a continual problem. 1/2hp, or 3/4hp would be better. Ideally, I'd say that the best range of hp would be about 3/4hp to 1hp......and, no faster than 1825rpm for the larger buffing wheels. I believe there are some motors that turn around 1200rpm, or so......I suspect something in that range would work pretty well, but haven't personally tried it.
As do most turners, I built my own buffing station. Mine is "stand alone", and I used a 1 1/2hp motor that was already on hand from when I converted my lathe to variable speed. This is "overkill" for hp, but the motor was already on hand, and free.....so, to speak! The pedestal is made with two pieces of steel plate welded to a longer piece of 4" angle iron for the vertical support beam......with wooden 2x4 support legs. If one wanted to purchase a stand, there are some very sturdy grinder stands that would work pretty well for this. Mine is the "Steel City" brand, and is much sturdier than the el-cheapo ones you see.
I highly recommend a "stand alone" buffing station. Being able to take your bowl and stand anywhere around a 180o radius is an advantage that will be quickly realized.
Below is a photo of my buffing station, and my grinder stand.
Deciding to have a dedicated buffing station is a decision you'll soon find out is a great boon to your turning efforts.......
good luck
ooc