i've tried the dremmel route when polishing cranks and, unless you are prepared to spend 6 years faffing around, i would suggest taking them to a polisher.
to be honest, most polishing companies want a minimum charge which, at £25, is too much in my opinion.
however, if you phone around, you can still turn up a gem or two.
i found a local polisher, working out of a shack, who linished and mirror polished my white industries cranks for £3.
he is also more than happy to do other small polishing jobs for me in the future!
i much prefer the restore route, as it gives you more pleasure when you see the finished build.
What interests me most is the debate about wet painting versus powder coating.
most experts would say wet painting gives the best finish, however, in my experience, powder coating has given a better finish.
i think you need to pay top wack for a pristine wet paint finish.