For wheels, a rotary polisher like the one you have will work well. You don't need a DA polisher nor can you use one with 1" backing plate and 3-4" extension that you want to use on wheels.
Try to find a 1" backing plate with an extension that will work with your polisher. Then a selection of pads. I like the pads that flare out to 1.5" inches for extra protection should you tap the backing plate against a perpendicular surface. You can then switch to a 3" pad for a final sweep once the 1" parts are done.
I have a cordless Milwaukee like the Ryobi one and it works great. When I bought my Macan, I used it on all the wheels and finer plastic parts on the rear tail lights and such to remove scratches. They also sell DA attachments for those drill type polishers. I found one that works with the Milwaukee thread and it works nicely with a 3" or even 5" backing plate.
There's a lot of finer polishes out there but my latest favorite is Rupes DA Fine. On a lighter pad, its gentle for a jeweled finish but also can cut on a heavier pad. Stick with foam pads to keep the polish at the least aggressive level. No need to go crazy on RPM, keep that fairly low to prevent heat buildup and let the pad and polish do its magic.
Most important to avoid unwanted damage if you are a beginner:
1. Keep the rpm low
2. Use lighter foam pads
3. Use a finer polish
4. Don't stay in the same spot for more than a second, keep it moving.
5. Beware not to hit anything with backing pad, that can mar a finish quickly.