Power polishing is NOT a good move unless you've developed the skills and technique.
This is why a bad blue job is bad, it's not the bluing, it's the poor quality polishing.
It's because the polisher doesn't do enough to develop and maintain the skills.
Power polishing is how sharp corners and edges get rounded off, defining lines between the side of a frame and the top get blurred, holes get dished out, lettering and stamps get buffed out, and you get waves and ripples in the flats and along the barrel.
Nothing looks worse than a gun that's been over polished by a inexperienced polisher.
Most of the professional gun refinisher services and the factories have people who do nothing but polishing eight hours a day, and have done so for years. They've developed the skills and "touch" and maintain those skills.
With that said, you can do far less damage by polishing by hand with metal polishes and cloths. You can bring the metal to a high shine that won't be as good as a factory job, but you also won't ruin a nice gun.
My advice, unless you can find a few old junk guns to practice on to develop the skills and "touch" stay away from power tools and stick with hand polishing and metal polish.
There's very few areas on a gun where a Dremel will do a good polishing job. The Dremel polishing heads are simply too small to do any area of any size and will seldom do a good looking job.
With that said:
The correct polishing equipment is NOT soft muslin buffs. These "dig in" and that's what causes the dished holes and rounded off edges.
The way professional polishers do it is with HARD felt LARGE diameter wheel buffs they "stack" to make very wide polishing wheels.
This hard, wide, large diameter felt wheel gives a larger surface that keeps flat surfaces flat and prevents ripples.
For areas like inside trigger guards and the flutes of cylinders as well as other areas, special shaped polishing heads are used that fit the contour of the area perfectly.
Any polishing wheel or head is used with only ONE polishing media grit, so you have a fair number of felt wheels and special shapes.
The polishing motor is not a lathe. For shop use, you use a large, powerful electric motor in a polishing hood. The hood both protects you if/when you slip and the work gets grabbed out of your hands, and is a dust collector.
The motor needs to be a big one and it needs to be set up to take stacked hard felt buffs at least six inches thick and eight inches or more in diameter.
Colt used to use large wooden wheels covered with walrus hide to do their polishing.
With all that said:
This is a technical site. If you come here you'll be told the truth, not what you want to hear.
The truth is, unless you're willing to expend a considerable amount of time learning the skill, OR you're a one in a million super talented natural at it, what you're going to do is absolutely ruin a good gun.
It may look great to you, (which is really all that matters) and your friends may think it's great, but the first time you show it to someone who knows about good polishing, watch his eyes as he tries to figure out how to tell you what an abortion it is and how you destroyed a nice gun.