Your method is pretty close to the way I use Poli-Seal with a few differences.
1. I use a polishing pad, either Meg's or LC
2. I use speed 5
3. I also start with considerable pressure and reduce it after a couple of passes
4. I don't really keep track of how many passes I make overall, I just keep polishing until the product is pretty well gone. There is very little polish residue to remove when I am finished.
5. I have been known to use a spray wax to remove that small amount of residue rather than just wipe it off. I happened to read where another user did that using OCW with good results. I happen to use Duragloss Aqua Wax with good results
6. Wiping on some Opti-Seal as a LSP only adds about another 10 minutes to the job if you want to get carried away.