What is the diamond paste for?
Unfortunately, if you want to make a half decent job of it, it must be carried out correctly, using the right techniques and materials at the right time otherwise you will just end up with highly polished mishaped lumps of metal. If done correctly, you will end up with a lustre that is miles deep and not one rounded off corner on the workpiece.
Normally you start with a stitched wheel using the correct soap compound for the material you want to buff up.
Once you get things smoothed off with a bit of a shine on it, then you swap to a softer unstitched wheel with a very fine soap compound, again specifically for the material you are working with.
Just a word of warning about using a polishing system. It won't get rid of machining marks. Unfortunately, I must admit that it will, but the finished result will be absolutely abysmal. You MUST remove ALL surface imperfections first, before introducing it to the polishing system, otherwise all you will get are highly polished undulations on the surface.
Have a read of this from Caswell, it will give you an insight in what is required to get a decent result. I think Caswell are also in the US.
http://www.caswellplating.com/buffman.htm
I hope this helps.
John