Ok, I read that guy's motorcycle frame how to on polishing lips, but I wimped out on all those different compounds at the end, and just used Eagle One's wadding polish. It worked good enough I guess.
I did this: sanded 400 grit to remove oxidized looking metal and to basically get all the dirty finish metal off, then I went up to 800 grit to start smoothin out all those scratches I had caused, then went to 1000 grit which is where I began to wetsand, then 1500 grit, finally 2000 grit.

It really wasn't that hard, and I'll post my results later, they came out to next to near mirror finish, I was quite impressed with myself and I proceeded down to Sonic's to treat myself to a sonic oreo blast.
First I practiced on a steelie wheel, and it came out good. Any tips on how to go ever further blingness on my lips? It was all done by hand of course.