I think that you can easily buff through the top layer of the Bakelite, into the porous interior layer. Hence Brasso and elbow grease rather than a buffing wheelBakelite was used on the shift knob and other places. If it looks too good it's plastic. I'd love to ding a car in concourse stock judging for a plastic shift knob etc.
I have used rubbing compound black shoe polish etc. I guess it all depends upon how bad yours is you could start with 220 or 320 to get the oxidation off then work your way up.