You've left it a bit late to putty up the nail holes, I doubt that 100 grit on the vibrator will completely remove the Timbermate from the grain and you might be left with a smear mark. It doesn't matter though, I often don't putty up until after the first coat has dried and it works just as well. The first coat will seal the timber surface and stop the filler from penetrating into the grain and leaving a smear. I would recommend cutting back the first and second coats (and the putty) with a 16 inch spinning rotary sander rather than the square pad. I've never used a square pad orbital sander and don't know any floor sanders that do. I've seen them in the hire shops but don't reckon they are very appropriate for floor sanding otherwise the pros (me and others) would use them. Try and get your hands on a Canterbury or Polyvac machine for the cut backs.
I generally don't bother tack ragging at all, but if I did I would only do it prior to applying the final coat. A bit of dust in the first and second coats doesn't matter at all as it is sanded off the surface with each cut back. A thorough vacuuming is generally enough for a good gloss finish.
Any one of the three brands of poly are just as good a quality as the other. I've used all three and there ain't much difference. They are just about identical products, stinking solvent based polyurethane.
Rejection eliminator is a bit of a gimmick in my opinion, save your money and skip it.