I would highly recommend the last pass with a sharp gouge practice. Use either a finish cut on a fingernail grind, or a Bosch gouge made for the finishing cuts. The Bosch is a traditionally ground gouge with the wing swept back on the left and the wing vertical on the right. Left is for concaves (inside of the bowl) right is for convex (outsides).
While I am a big fan of powersanding, since I use and test all the sanding products I sell, I would like to stress this.
Sandpaper is a cutting tool, but is a poor substitute for dull tools. It becomes real noticeable with the woods we have, if you sand alot. You will get waves, undulations from the density difference of the early and late wood across the growth rings. Run your hands across a bowl after you have finished sanding, and feel for the peaks and valleys. I am not saying that sanding won't work, but with practice, less sanding is better.
That said, I would say start with whatever you need to eliminate the tearout and gouge marks, 60, 80, 120, whatever. Then go through the grits in your system. I go 80, 120, 180, 240, 320, 400, and up. Some add more in between. Clean the surface off in between grits, either by blowing it off, or running a tack cloth or something. Keep the paper moving, don't run it too high of speed, either the wood, or the drill. This will keep the heat down and prolong the life of the paper and the pad. If you can reverse your lathe, that can also be helpful. The other option is to remove the paper after each grit and (with the lathe off) hand sand in little circles to help randomize the swirl marks.