Agreed...A dremel might be OK for the really tight spots, but overall you'd be spending a LOT of time trying to polish it with a dremel. You could have it done in an hour or two with the die grinder.
Last cover I polished I just sanded the paint off, then started polishing it with compound and a die grinder. If you want it to really shine, I've found that starting off with a 200 grit paper, then 400, then 800, 1000, and final wet sand with 2000 grit paper...then start your polishing.
Pick up a can of Mother's Billet polish to use after you're done with the buffing wheel, it helps to get all the leftover compound off and leaves the metal with a brilliant shine.