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I think the chips will leave a greasy residue on the razor which might turn rancid. Of course you just might have something here a fragrance of potato chips, hmmm

I got my cape cod cloths on Eboy they usually come in a can with several cloths, a buffing cloth and even gloves for protection. I've been told that several chain stores like bed, bath beyond sell...

Also don't forget the Cape Cod polishing clothes they are quite abrasive and can do the job as long as you don't mind alot of rubbing but I would try that before the sand paper route.