Awesome. This is pretty much what I do, & if I'm out of 0000 grade steel wool, I use aluminum foil (which also works well). But for polish, I use *Turtle Wax Chrome Polish & Rust Remover.* It not only wipes off surface rust like dirt, but it polishes nicely. I definitely recommend that as a final polish. One thing I never tried (but must now) is the water/alcohol mix to wipe 1st.
