Greaseless is like sandpaper the grits are 80, 120,240,400,600.
Polishing compounds are for finishing the metal.
Black Emery ~400 grit according to Caswell Customer service
Green Stainless ~800
White Rogue 1200
green CrO bar if you want to go all the way in polish.
The red and blue I have never use don blades but I would guess they bring more polish to the metal.