I would not claim to know much about buffing aluminum parts, I've only been doing it seriously for the last couple of months, but I can tell you what I got for tools and materials and what I've learned about how to use them.
First off I bought a buffer from Caswell, its their 3/4" hp version and I bought the set of wheels and compounds they sell along with it. It uses 8"wheels and no matter how hard I lean into it they do not slow down, it has great power. The buffer also had long shafts so its easy to reach all sides of a part. I think I paid $300 or it and it flat works.
As for part prep on my own bike's parts, I started with harsh abrasives and moved quickly to less aggressive cutting. I sanded initially with 150 grit emery paper to take out all scratches and gouges. Oh, like everywhere else, all of my sanding was done with a sanding block. I follow the 150 grit with 180 grit used wet. I mix simple green with water in a 5-gallon bucket and sand while watching TV. I got from 180 to 220 to 360 to 400, and then I buff. The black rouge on the hardest wheel takes out 400 grit scratches with no problem at all, then I move to the brown rouge and a spiral sewn cotton wheel. After the brown I go to the white rouge on an open flannel wheel. This routine leaves a fine polish.
About the only thing I've learned about buffing is that you've got to put some oomph into it. Lean into the part, get it hot - get it real hot. It makes all the difference in the world. For the first month I tried to finesse it - and got nice looking parts but not great parts. Then put on the welding gloves, got a thick apron, and really laid into the things. The result was much much better finish in a lot less time.
And that's about all I've learned so far - Oh, except this. If you decide to buff find a place you can dedicate to just that one task and that is easy to clean up because his is just about the dirtiest work you will ever do on a motorcycle. No kidding, its horrible. This is not something that you are going to do in a spare bedroom, its not even something you would want to do in your garage - its that bad. The work is just plain filthy and once you are done and wash your hair the mud that washes out will look like a lava flow out of a particularly nasty volcano. The room you do it in will look even worse. In the spring I'm going to do all my buffing out doors, its that bad,