There are good buffing compounds available that can put everything from the brushed satin finish all the way to mirror polish and can be used with a dremel and a buffing wheel.
I have both as well. The buffing wheel makes for much quicker work; that said, it's been stated many times by others with more experience than I have: The buffing wheel can be the most dangerous machine used for buffing edged tools and blades. A firm grip and even quick reflexes are absolutely no match for a buffing wheel that grabs a blade.
If you use a buffing wheel I recommend a pair of cutproof kevlar gloves which can be purchased from Woodcraft, but also can be purchased from fishing supply companies.
Also, of course wedges are easier to cut and polish on a buffing wheel since they're more rigid and you don't have to tip toe around the fact that fulls and extras are so remarkably thin and flexible.
Caswell plating is a company that a big selection and they also have free buffing tutorials that are great.
Chris L