As far as I know, Snake Oil, in my personal experience, will not change the underlying grit. So to get a (Storm) ball to 1500 grit with polish, you sand a ball to 1500 grit and apply Snake oil.
Step1 (or 2 or 3) is consider a rubbing compound, like Rough Buff, or a light polishing compound with a rather severe amount of grit on it. So to get a (Storm or any other) ball to 1500 grit, you would sand it to 220 - 600 grit (depends on how much compound and how hard you press for how long) and then apply a dose of Step 1 or 2 (or Rough Buff) to it in order to get it close to 1500 grit + polish.
Snake oil is more akin to Ebonite's Powerhouse Factory Finish polish or Lanemasters Factory Finish High Gloss polish in that they do not have a severe "grit" in them .
"None are so blind as those who will not see." "Some bowlers are crazy as pickled cats."