Hey Dizzy,
I have made mention of it here before, but it's been a while. We basically have a homemade version of an industrial size Lustre King. It uses buffing wheels and polishing compounds.
Essentially, this polishing machine takes a ball that is at approximately 400 from our sanding machine, and buffs and polishes it until it is at a 1500 grit polish. Because our polish is actually a buffing compound, it removes all of the sandlines and slowly brings it all the way up to 1500 polish.
While it would be pretty tough to completely duplicate the process, scott is right in that most people have great success using either Storm's step 2 or Ebonites Factory Finish compound.
A couple things to keep in mind when using polishes on reactive equipment.......1) Avoid polishes that contain wax, unless you want the ball to go pretty straight. 2) Make sure to use even pressure, otherwise you will have an uneven polish. 3) Lastly, make sure that you don't polish for too long, this can end up causing excessive length and an over/under reaction.
Jason Wonders