I can't claim to have any experience planing cotton wool, but wild grain seems to be a habbit of mine... Ive found the best (for me at least)way to tackle it is with a fine honed blade, high angle frog, plane with some heft to it and an ultra fine tune... try reading the grain and use that to direct the best angle of attack... At times when I'm just shy of tearing my hair out, I've resorted to waxing the board (it never seems to stay on the plane long enough to make much difference) ... it can make a difference sometimes...
Don't be afraid to experement with your blade angles... there's times when my #62 makes light work of something that my #6 struggles with. To date I haven't needed to resort to doing the entire board with the #112... come close a time or two though...