Sorry for the slow response I've actually been thinking about this a lot. First and foremost I haven't done this process so I'm speculating on what you can expect and recommendations. I HIGHLY recommend trying the process on another similar surface before doing it to your wheels. The process you laid out would seemingly be okay but you might want to stick with white pads at first before going to the orange cutting pad. You can use the buffer on the wheels but I'm very cautious about doing this. First off you need to dedicate totally seperate pads for this function (can't use these on the paint). The metal polishes aren't abrasive so I don't know if using the buffer will produce that dramatic of a result as compared to hand applications. I would start the Pc at a low speed too. My last comment would be that your going to need a lot of polish on the pad to ensure that your not buffing with a dry pad. I would spray some quick detailer on the pad before use.
Again use caution and test on another surface if you can to make sure your getting the results your looking for. Please keep us posted on your results.
Greg @ Detailed Image