I just started buffing parts myself so I'm no expert. But I went with the hf buffing wheel. It was cheap and it does a nice job. I've been using a green compound I bought at hf and also trying the sample pack at sears. So far I've not noticed any difference in results.

The first parts I did, I didn't get a great mirror shine. But on the last few parts I've used a little more compound, and did multiple passes on the wheel now the parts end up looking great.

I've been buffing the brackets on the bottom of the playfield - flipper brackts, slings, and pops. And now after some trial and error I have a good feel for the process now. So my advice is just to practice and you'll get a feel for it.

For starting out I watched pinball mike d's monster bash video where he goes over his process for buffing. A much watch to get you going

Have fun with buffing - I know I am. I want to buff every metal part now. Its almost as addictive as pinside!

http://www.eastwood.com/buff-wheel-buffing-compounds-selection-chart-eastwood

http://www.eastwood.com/eastwood-buffing-kit.html

http://www.eastwood.com/buffing/metal-buffing.html

http://forum.eastwood.com/forumdisplay.php?8-Buffing-Metal-Finishing

Plenty to keep you busy ^^^ they also sell videos on metal polishing too just browse around in their website.
Not limited to metal ,plastics too!
Wealth of info in the forum.

Just remember respiratory protection.

Good luck.

Usually I wet sand to take the ball trails out, then buff on a wheel with green compound.

Of course, fresh from the laser cutter, they look even better.... (thanks Will!)

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AFM.

The MM ones will be made the same way.

Here's before and after of an old coin door.
Buffing can become addicting. I even do lock down bars.

Kim

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I can live with some playfield wear, but I likes my metal shiney!

Just keep practicing
I set myself up with a buffing wheel a year ago
I got OK results at the start but now I an getting great results.

I use a course wheel with a polishing compound , then I switch to a medium wheel to bring up a shine
I stopped using the soft wheel

I haven't had a chance to read through this page yet, but it came recommended from the metal working group.

http://www.caswellplating.com/buffman.htm

At first glance it looks like trying to drink out of a fire hose...more than you can handle all at once. I plan on printing out the pdf. It will give me something to read Saturday night at dinner.