What steels are you going to be polishing?
If most or all of them are middle-of-the-road low/mid-alloy stainless, up to something like ~ 154CM, VG-10 or D2, then pastes like Simichrome, Flitz, Mother's Mag can work pretty well, all of which are in aluminum oxide. Considering it's design usage (auto/wheel finishing), Mother's Mag might be a blend with something like silica abrasive, perhaps with a lower concentration of aluminum oxide than with Simichrome or Flitz. On a per-volume basis, the Mother's Mag paste would likely be the least expensive if you're going to be using a lot of it; about ~ $5 for a 5 oz. jar of it at someplace like Walmart. The smaller tubes of Simichrome or Flitz (1.76 oz is typical size) can last a very long time for hobbyist sharpening purposes, but they'll be pricier for the volume you get; probably $6 - $8 per tube, depending on where you buy it. In using both of these, my impression is that the Simichrome is a little more aggressive (faster) to polish and lasts a bit longer on a strop, while the Flitz polishes a little less aggressively (slower), and will need to be refreshed more frequently on the strop.
If you're polishing high-wear steels with a lot of vanadium content ( > 3% or so), you'd be better off sticking with diamond or CBN products for those.