So I typically will start out with the least aggressive prep first. Then make a judgement call if I should use something more aggressive. Obviously clean it with soap and water, then try carwax and pad. This can often times get out boot marks, rub marks etc (I wouldn't recommend it for rust).
If it needs more then jump up to steel wool. Using wd or penetrating lube is a pretty good idea. 1. If you are using gentle elbow grease, the lube will give a less aggressive cut. 2. As the wool starts to break a down, it will keep the broken hairs from going every where.
Plating is only so thick, and when you polish you are removing material. Once cut through...it becomes a dilemma. Replating is possible, but some shops will not touch used pipes. The exhaust residue and carbon can cause issues with their plating tanks. I am not aware of any cleaning process that will remove the carbon from inside a pipe.
Best regards
-Jason