To polish those wheels i would proceed like this,
First, id sand the rims using my small pneumatic hand sander and some 600 grit sand paper.
Second, id polish the rims using my hand drill with a 4 inches sisal buffing wheel of course you need to use some tripoli compound with it.For the places i wouldnt be able to reach with the drill and wheel id use some mushroom buffs with the same compound.
3rd, id buff the rims with the hand drill and a 4 inches loose sewn buffing wheel using a white colouring compound.Id still use some mushroom buffs with the white compound for the places unreachable with the drill.
4th, id clean the rims with some Mothers i have tried Wenol metal polish and have been getting better results with Mothers.
This method correctly applied will give those rims an awsome mirror finish garanteed...