To each their own.I worked in a shop that made a lot of prototype plastic injection molds.After we had used paper and other methods for years,we sent some work out to a master mold and die polisher.The results were impressive,and reasonably priced enough,he had to have an efficient process.I was sent to his shop to understudy him for a week.
In regard to quality of finish required and preserving form and dimension,mold work is at least as exacting as gun work.
I use polishing stones and brass or hardwood laps with diamond polishing compound.I also use end brushes and mounted hard felt.
Brownells sells a product that is a liquid matrix with grit in it.It can be painted on wheels,but it can also be painted on tools made of rock maple or other hardwood.It comes in various grits.I am quite impressed with this product .It seems to not have oversize "digger" rocks,or the clumps of grit that score a finish.It cuts fast,and holds up well.Make the wooden tools,dip them,and hang to dry.