Scotchbrite pads do a pretty decent job restoring a stainless gun back to close to factory spec's. A learning curve and patience is the key to a great job.
Personally I don't care for the mirror finish that some put on their stainless guns. Insert it into a holster and shoot it for the first time and scratches appear once again! The satin finish is durable and most minor scratches and wear marks are not an issue. While some might really like the super hi-gloss finish, it's just way too impractical for me - as I like to shoot my guns.
When refinishing a gun with heavy duty scratches, I use wet / dry or similar paper to remove the lions share of them before I use the Scotchbrite pads. BTW, the relatively new line of 3M papers (red in color) is a fantastic product! The paper is really well made, holds up for a long time and has a terrific backing - much better than your traditional paper! I always fully disassemble the gun as there is really no practical way to avoid getting grit inside - don't want that! Plus it just makes working on the gun easier when its apart.
Although I've been at this many years I still avoid using a Dremel or power tool. By hand allows for slow steady progress and viewing your results often is easy. A cotton T shirt and or microfiber towels are best. My personal preference for a mild abrasive if and when needed is Flitz. To me it is just better all around and Semichrome and Mother's are just not as good - Ford / Chevy thing I guess.