You can do this easily. Dremel sells little felt wheels....they do a good job of restoring straight razors/removing surface of the knife/razor you are working with.
Those work well, but there are better options. You can buy a set of these little plastic wheels, like a pinwheel but with 15-ish hands. They are called 3M Radial Bristle Discs and come in grits from 80 all the way up to 6 and 1 micron for polishing or cleaning/light grinding.
http://www.fdjtool.com/category.asp...www.fdjtool.com/category.aspx?categoryID=1086
I would suggest googling around for some more companies and buy a variety set if it's something you like doing - also, 3/4" discs are better for smaller jobs and 1" bigger jobs or getting jobs done quicker. Also, buy some extra attachment pieces so you can have all of the grits set up at the same time. It also helps to stack 3 or 4 of the same type on one of the mandrels.....it gives you a wider area that gets abraded or polished to make it go quicker. Also, just having a single disc makes tight jobs easy since they are fairly thin.
Email me if you have any other questions - there are more things out there. I really like the felt discs for restoring/removing rust and the fine ones give a good satin finish if you do it right. Don't buy the dremel branded ones.....the place you get the 3m radial discs from should have them. You need to google for Jewelry Cleaning Supplies/Tools/Attachments.....they are the people who sell them as they are intended for cleaning and polishing jewelry.
http://www.sfjssantafe.com/items.ph...ristle+Disc+Kit+3/4"&DepId=tools&Gid=272&at=1
I've bought from Santa Fe before - here's an example set. You might need to go into their online catalog to check what colored wheels correspond to what grits.
There are also other rubberized polishers that work great. One of them is in the first link - Cratex or something similar. There are tons and tons of options for you if you like using your dremel. I love using the flex shaft and polishing or abrasive wheels or tools - it's amazing what they can do.
No heat, no messy compounds, no kidding. 21st century finishing technology. High RPM (15,000) and light touch recommended (their words, not mine).
3/4"
http://www.sfjssantafe.com/itemstable.php?Gid=271&ItemSet=Polishing&DepId=tools&ot=&at=
1"
http://www.sfjssantafe.com/itemstable.php?Gid=269&ItemSet=Polishing&DepId=tools&ot=&at=
Polishing Section that includes various kits and other items
http://www.sfjssantafe.com/itemlist.php?ItemSet=Polishing&DepId=tools
Take a look around but I'd suggest either a kit or just the 6 and 1 micron grits. Also, not all grits are available in each size I think.