tnt,
Here is an example that I did by hand. The top photo is the before shot. I stopped at 320 because I wanted a satin finish but from here just hit it with 400, 600, 800 and 1200 and finish with your polish. I've used Flitz and Mothers mag polish with mirror finish results. Also, like Garrett Schmidt stated before, you can jump to polish sooner but you will still have small scratch ridges on close inspection.
Supplies: standard sanding block, flat on one side and curved on the back. Wet/dry sandpaper in: 100, 220, 320(for satin) and up through 1200 or higher for mirror. Polish.
I use a sanding block and work it all by hand.
Start with 100 and work back and forth from spine to edge using the curved side of the sanding bock while maintaining a perpendicular orientation to the spine. You can also work around the slabs on the ricasso with the block...more on that later. Once you get it fairly even apply some masking tape to that side. This will protect it from incidental scratches while you work the other side.
Once the other side is where you want it tape it also.
Next do the spine and underside with the block, using a small piece under the handle with your fingers . I usually end with a smallish, say 3 inch piece of 100, which you have removed from the sanding block, rolled like a dollar bill and work the spine with that in a parallel rather than perpendicular orientation. This keeps the focus of the paper on the center of the spine rather than on the edges.
I should note here that you will most likely be resharpening due to paper contact with the edge.
Take another small piece of 100,again from what you used on the block already, and, with your finger tips work around the ricasso up next to the slabs.
Now do whole thing with 220 in the same order.
In the last step, using 320, try to make single strokes in one direction as you will sometimes see ''curly cues'' from changing directions.
Note, I usually have the tip of the knife, or the side lying flat on a chopping block or any piece of wood as a working surface.
Remember to tape the sides after each step to avoid unwanted scratches.
I hope this helps.