I use the same wool pad for compound and finesse it II. Just use a screwdriver and few RPM's to remove dried, old product. IMO foam pad is better using Finesse it II, though! Sometimes the wool pad and Finesse it II can leave swirl marks
A product I really like is Meguiars compound #105. It is awesome, like compound and finesse it II in one! 3M compound cuts better. 3M might be better for your application!?!!!!