Looking to do minor paint correction, which really is just love marks from a year of improper washing.

I don't have any tools or compound/polish. Am looking for some recommendations on equipment and products.

If you don't intend to do this often just pay someone. If you do it often a sizeable investment should be made on high quality equipment.

I don't mind paying a couple hundred for something quality

You are looking at $500-$750 to buy a decent DA, backing plates, and entry level pads. Figure another $300-$500 for products if you want to do full corrections and coating. If you are game I'll give you some pointers.

Definitely. I haven't played with coatings but I have applied sealants and products like reflex from Ammo's lineup.