First off you DO NOT need a ton of power, in fact personally I will not touch anything over 1/2 HP...
Here is my reasoning behind it,
We don't push hard, really we use a very light touch.
We don't work the motor all that hard
If that thing grabs me, I would at least like to stand a chance of not breaking every bone in my hand...
I like the lower speeds too, BUT I use mostly 4 inch wheels so it is not as big a deal...
We use a very light touch so speed is not as big a deal for heat build up we are very very careful of heat build up...
Now, I hate changing wheels, I really do, so I bought 5 of
these which gave me 10 wheels they were on sale at $39.99 (just ask they will sell them at that price) so I have $200 into them I have another 1750 1/2 hp wheel for a final polisher (old washing maching motor with an extra long arbor) and I don't change wheels hardly at all...
I also never really work the motors since each one is barely used and never heats up...
BTW 10 wheels = 80-120-180-320-400-600 in Greasless compounds plus
Emory - SS - CrOx - Chrome... in polishing compounds
Plus the 1750 wheel with a clean cloth wheel for the final metal polish that I put on the balde and buff off...
I no longer even use Sisal wheels, I use Sewn up to the CrOx then loose buffs
So there are different ways to get to the same ending...