I ran across something tonight that worked pretty well for me, and maybe it'll work for you, too.

The first order I ever made to HandAmerican leather, I ordered some 2.8 micron SiC dry honing compound. They sent me 6 micron, with Keith said works out to about 3600 grit. That's really too rough for what I wanted it for, so I figured I'd never use it. Well, tonight, I was working on an Eboy razor I got in yesterday. It's a Commander, and had a lot of staining, some rust, and very light pitting. I got the rust cleaned off with a Scotch-Brite pad and went to polishing it. To make a long story even longer, I found a use for the 6 micron powder.
Using my Dremel and a felt wheel (normally used for jeweler's rouge), I put a little metal polish around the edge of the felt, then dipped it in the SiC compound. The polish was really just to give it something to stick to. I then buffed the blade with the polish/compound mixture. It worked like a champ. It took out all the fine scratches, and even buffed up the pitting. The blade wasn't really pitted enough for me to really go to work on it, but I think if you had one you'd worked up to around 1500 grit, you could probably finish it off with the Flitz and SiC compound. Should save a little time, anyway. Just thought I'd share this one. It's my first "success" restoring a razor. One day I might get ambitious and totally remove all the pitting, but not today... It still looks pretty good, if not perfect.