If you're really serious about getting into polishing, I would recommend getting at least one more motor - for a grand total of 4 wheels (or more if you can afford it). My current setup is with 6 wheels & I use every one of them. First two are for black/emory - one is a large wheel for fast cutting (8-10" relatively hard), the other is a normal wheel (I believe they're 6"). Next is for red, then brown (may have these backwards - check on the packages), & 2 for white (all 6" - last white in the row is very soft).
For aluminum, I start off by bead blasting, sanding, or wire wheeling (I have a rough wire wheel & a very soft wire wheel) to clean off dirt, paint, crap etc. The part's condition & shape will help you to know which to do. Heavy paint & grime or a really odd shape will best be suited for blasting. Flat pieces w/o much dirt or paint can just be sanded or wire wheeled with little effort. Anodized parts will usually require alot of blasting, sanding, oven cleaner, or a combination of the 3.
Once the piece is cleaned off to bare aluminum, I inspect for rough casting marks, dings, pitting from the sand blaster etc. If required, I'll sand it with 400 - all in one direction if possible. I try to sand in the same direction I think I'll be using the wheels at for each surface.
Once I've obtained a relatively shiny flat surface from sanding, or if the part is already quite flat, I'll move on to the first black wheel. Apply quite a bit of pressure, being careful not to let the wheel pull the piece away from you & onto the floor. Be conscious of the piece's edges & try to have the wheel's direction glancing off the edge rather than into it. Pull the piece up against the wheels direction for more cutting/smoothing. Move the piece downward in the wheels direction for more of a coloring motion. I usually will do two passes on each wheel, one against the wheel direction, then one with. When I get to the final wheel, I only polish with the wheel's direction, so I don't create any swirl/scratch marks. Polishing with white is really more of a buffing & should really not take too much pressure.
I don't really have much experience polishing chrome, although it's all the same sort of process. Chrome is just much much more hard, and all of the chrome on my bike was pitted, so I never bothered.
Safety: Just make sure you set up in a place that you don't care about getting dirty, as wheel polishing will throw fibers & polish all over. Wear a dust mask & glasses, a shop apron if you've got one, and some cotton gloves. You'll be angry at yourself the first time you don't & are spitting up black crap for the rest of the day - not to mention the "coal miner" look one tends to take on after a long bout of polishing. It's really dirty would be the point I'm trying to get across here

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You can, of course get great results with just sand paper & mothers, but it sounds like you'd like to go with the easier route. Many of our members don't have a good space or don't want to put out the money, and they do great things with great results. But if you've got a decent place for it & have the dough, a good polishing setup is a great addition to your shop. I would recommend starting with some simpler pieces (control housings are a good starting point) & moving on to things like the valve cover & MC later.
Good luck & happy polishing,
Jay in Philly