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For polishing I use blue paper shop towles, the towles them selves are abrasive and last a long time. Micro Fiber is good for final buff to remove fingerprints.

It will be fine with 4in wheels, I have two, both work just fine. Lot of guys here use them with 4in wheels.

Strop on it post Chrome Oxide, I do believe most of these polishes are Cerium Oxide. My result stopping with both are very similar.

2-3 in x's on fine nylon strop or Polyester Sailcloth work...