I recently bought a Lorch Schmidt polishing set and after some TLC, I'm very pleased with it. The set is not 100% complete, but for polishing screw-heads it is.
I also found an very instructional & educative video on YouTube "Grumpy's Watch restauration" in which he explains how the tool works, which diamond paste sizes to use on which lapping wheel; the steel, the brass & the wooden and how to clean them.
In the video he uses different diamond paste grit sizes,