Wow, the handle on yours is amazing. As far as compounds, im using porter cable black, blue, green and white. On this job, I only went from black to white. I have some red rouge that came with my dremel and white that came with a leather strop. Each company will use different colors. Mine are from lowes, picked them up with my bench grinder, plus I got 4 different cloth wheels at ace hardware from hard to soft.
I use ballistol for everything, metal, wood, leather. Its the only natural (mineral oil base) product that really works wonders. Put on a heavy coat and let it sit. After 5-15min wipe it off with your oily rag. It cleans barrels, even the tracks on my sliding doors. They went from closing with two hands to two fingers and it lasts for 4 months. It supposedly bonds with the steel, almost as good as the new synthetics, but not poisonous, , so no gloves or respirator needed. The germans made it so it would be antiseptic, so they could use it on cuts too. One product the solder could carry for most everything, they even said you could drink some for stomach problems. ....but I would not try that EVER. A good example is the 380 keltec, using clip. After a week in florida humidity and sweat, everything looked good until I disassembled and the entire outside of the barrel aas rusting. Changed to ballistol and have never had a problem again.....instead of cosmoline they coated a rifle with it and buried it for 20 years or so. Dug it up, wiped it off and fired. No rust. Just dont buy the aerosol, way too expensive. I have some small, cheap, pump bottles that I refill.
Its also nice when I cut myself working on a blade, ive never had an infection or problem.......just the other day I was sharpening a srk 6" & had to reach for something...it fell and like an idiot I instinctively tried to catch it....