There's an article in an earlier VMX magazine that gives the lowdown I think. I did my IT175 tank and guards that were very chalky and got them to a perfect high gloss finish - took ages. I started by scraping back with a sharp blade to get the chalky layer off. Then used wet and dry paper, starting at about 240 using warm water with a dash of dishwashing liquid. Moved onto 320, 400, 600, 800 and 1200. Finally a light polish back with a cutting cream and then a buff with a lambswool buff. That was tricky cos it needed just the right speed, pressure and movement. Took a long time, and wore my fingers to the bone... The hardest part was the wet and dry, the coarse paper actually digs quite deep so you need to be very gentle at that stage to just dress up the lager imperfections. The finer grades are where you start to put in the muscle to clean up the surface and get the right curve etc. The buff is where the high gloss finish appears.
Maybe there's an easier way, but that's how I did it.
My recommendation? Buy NOS...