Have recently purchased a set of very 2nd hand Mickey Thompson 15" x 10" mags.
Two of the mags were in OK condition but needed a good clean up and two were heavily pitted:

After talking to a couple of people I gave the best 2 a hand polish with a soft cloth and a metal polish product 'Autosol' from Repco. The Autosol was about $17 for a toothpaste size tube which would be the right amount for 4 mags.
After spending ages hand polishing the first 2 mags decided to get a quote to have the second two done by a pro. Quote was $100 a rim

Had been told by a mate (who had tried) that the little rotary tools like the Dremmel took way to long and you might as well just hand polish vs use one of these. So I bought the below steel wool bit from Mitre 10 store:

I used the drill with Jiff as it is much cheaper than Autosol. Some may think that steel wool was a bit of overkill but I spent about 40 mins with the drill and steel wool bit to get to the below stage. :

Then I plan to hand polish with the Autosol to (Hopefully) get to the same stage as the first 2 hand polished Mags:

Plan is to then get a lambs wool bit and give them a final polish - I wont be too fussy as they are not going on a showroom truck but think its worth the effort over where they were initially.
Would be interested to hear from anyone else thats had a go at this. Cheers,