well, thats a whole other topic unto itself...
it depends on the quality of paper you buy... courser papers will also last longer than finer grits usually...
i will only use 3M gold... we do 50' boathulls and such so its worth it to have thee best paper available, not worth jerking around with cheap paper when your holding a sander over your head all day..... 60grit gold is what we use for burly, fast removal on boat bottoms.. nothing cuts as well. end of story.. blows away any 36 grit... for stripping a vehicle, it can't be beat...
all that being said, its expensive. a 75 sheet roll of it in selfstick runs about $70.. prices will vary a little depending on grit... you could strip a factory paint job off a whole blazer with about a dozen sheets or so. depending on how often you replace them...
you can get some bargain brand paper for much cheaper.. i've seen cheapie brand rolls of 80grit as low as $15.. just be aware you'll be going thru way more paper, changing out more often... you might go thru 50 to 100 sheets, but hey, at $15, thats not bad... buy a roll of 80 and 180 for under $50.. check your local bodyshop supply place...
oh, and do NOT buy the plain paper with no glue on it.. the oldschool style that you use a spraycan of adhesive to apply to paper.. its a nuisance, ruins the pad and wont save you any money...
there are also velcro style HookIt systems for DA pads and paper, but just go with the smooth pad and sticky paper...
heres a link to some cheapie paper so you get the idea... most cheaper brands will only go down to 80grit..
http://bodico.com/SearchResult.aspx?CategoryID=103
as far as the fiberglass... sure it can be DA'd you just have to be aware that you can ruin it.

as a beginner i would only run 180 or above on it and just watch what your doing... if you ride the DA on the edge of the pad too much you can gouge the sh*t out of it... i've had rookies almost destroy boat bottoms doing that... best to keep it mostly flat, work quickly and evenly over the rounded sections and most of all, watch the layer changes as you sand...