Build your Own Dremel Polishing Wheel
I found this link to build a nice, simple polishing wheel for the Dremel rotary tool.
There are instructions for both a stitched and stitchless model. I have not built/tried these myself but I plan to. Mounted to the Dremel workstation, this should be very useful for all you Dremel users.
LINK
**EDIT**
Having not thought about it at first, reading Max's comment made me realize that the stitchless model would indeed be a bad idea, at least for use on a razor. I imagine it would be quite suitable for other purposes where sharp objects are not involved.
It is the recommendation of safety that you do not use the stitchless model, but if so: Use at your own risk!