Yes to each of the steps mentioned.
It just depends on what I want from the ball and the conditions.
this right here sums it up perfectly
No matter equipment brand or polish brand
I've used 500 grit with polish, I've used 500 grit with a Matte polish
and I've tried many surface preps and different combination polishes
All depends on what works for you, there is no real guide that you have to follow
Trial and error is where you learn the most about your equipment IMO