I've heard of greaseless sanding compounds. Not sure where to get them. Brad's restoration videos mention them. Don't know if or how well they'd work on felt wheels either. They come in grits like sandpaper. 80 up to 200 or 400 iirc.
That's gents, just ordered and on the way. It wont be here for a bit, any tips? Im considering a dremel with felt or the other loose cotton looking wheels, whatever you call them.
I am assuming you are using a bench buffer with 6" or 8" wheels. I don't think greaseless will work on a Dremel tool. Dremels are great for polishing. Especially in tiny crevasses. They're not very useful for removing deep stains and pits. Bench buffer & greaseless is the way to go.
I wish I joined this thread before you make your purchase...janz knife supply has brush on greaseless compound which works very well for felt wheels, and leaves a finer scratch pattern than Caswell 600 greaseless.