On most aluminum, I go 600 grit sandpaper, then red buffing commpound on a buffing wheel, then white buffing compound. I try not to spend too much time on any one piece. With each piece looking 3 or 4 times better than stock, even imperfect polishing on EVERYTHING looks a lot better than stock.
If there are heavy scratches or a lot of oxidization, I'll use a 350 or 300 grit gently to clear that stuff away first.
This is only an hour or so of polishing. The pictures really dont do the reflectivity justice, actually. The engine looks twice as good in person.