It's not a cheap option, but this is what I use: Foredom M.BL Bench Lathe. It has variable speed, and for polishing two screws and wingnuts are more than sufficient to hold it to the bench - so it's easy to move when space is needed. I use 3" buffs for hollow grinds, 4" wheels for wedges and scales. You can get a cable drive attachment so you can run a handpiece off it as well. I also use the drill press fixture with the flex shaft and handpiece because of the variable speed and high torque.

It beats the hell out of a Dremel in every way.