As Col says, the PB site is superb, it also includes info about how they use the products, as well as reviews. There's no need to spend a fortune, you'll be surprised at how few products you need for decent maintenance wash, and the specialist items like clay or trim restorer or tar/bug remover or wheel sealants, you don't need to buy that often. They'll build up over time. Also consider buying the routine stuff in bulk, like 5 litres of snow foam, it's always better value.
You can use a mitt on your wheels, just not the same one as goes on your paint (get a different colour/style so you don't accidentally confuse them). My wheel "stuff" (including my bucket) never touches/shares water with anything that touches paint. Wheel woolies are brilliant for getting in the barrel and around the caliper, I'd suggest a big one and a small one, but a mitt is fine if you're keeping costs down.
In terms of your outlined "routine", I tend to wash my wheels whilst the snow foam is working, as watching the foam drop off is tedious. I don't use fallout on the paint every time, as I just don't think it's needed. Clay when you need to, I personally don't agree with doing it at a regimented regular interval. Use your hands, fingertips or the back of your hand, slide along on wet, washed paint, you'll feel if clay is needed as it won't be glass like. I don't polish every time, just after when I've clayed. I'm a big believer in touching it as little as possible. If you get a decent sealant on the paint, then that's half the battle, maintenance washes become a doddle and it's only the big quarterly or so days that I tend to break everything out.
As Col says, read ilogikal1's testing thread, you'll see how good protection saves loads of effort on wash time