Have you read the buffing and polishing manual that's downloadable on the Caswell site, it will give you a good start. I doubt if your bicycle is chromoly, it's more likely steel that has been nickle plated and then chrome plated. If it has been sanded down, there is a good chance that the chrome layer has been destroyed, it's only 1 mil thick. At best you can polish the nickle layer, but the protection from chrome layer may have been lost, it may never look the same as it did new. If it's been sanded past the nickel layer, you may have no choice but to replate the parts.
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