Buffing a 1996 miata

You should be fine with a light grit compound. Keep the RPM's low, keep the buffer moving, stay away from sharp edges. I would clay bar it first. You need a good polish as well to make sure you don't leave any swirl marks in the paint from the compound. Then a good hand wax. I've buffed all kinds of cars over the last 25 years without the paint coming off.

The Miata paint issues where mainly on white Miata's only, where paint would fall off in chunks regaurd less of how well taken care of the car was. I believe Mazda had this fixed by 1994, later cars did have clear coat issses which you would see the clear flake off but that was usually caused by lack of exterior maintenance.

What is your paint code?