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The best treatis on polishing and buffing compounds I have found is:
article/buffing-and-polishing-materials/
A quote from there:
"Composition, or Compound – The material applied to the face of a...

I just checked the pricing and size/ styles of wheels available. IMHO they are a possibility in a foundry or auto-body shop but way out of line for those of us that are hobbyists. The costs are such...