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The name is Formax, not Fomax.
Most buffing compounds are held together with "grease" ( fats/wax/etc) and area bit of a mess to work with. A lot of guys prefer to use the greaseless buffing...

and here.....

http://straightrazorpalace.com/workshop/77533-razor-restoration-sander.html

Here are some other alternatives...........

http://straightrazorpalace.com/workshop/88082-new-tapered-threaded-mandrel-sanding-buffing-razors.html
...

Personally, I have never seen one that runs that slow in any of the major stores.
Let see what others have to say.

I would be concerned that the length of the tapered spindles would be to short and also that the slowest speed is so high.