Bead blasting will definitely strip paint/powdercoating. It will do a little towards smoothing out casting marks in aluminum. Won't do much (if anything) on steel/iron castings.
Your best bet is gonna be greaseless compounds and some patience. I just started using them a few weeks ago and I absolutely love them. They make very short work of removing flashing, casting lines and "stubble" and if you've got enough bobs/buffs/wheels, you can almost eliminate hand sanding.
Check out the thread titled "Skiddz" and find the link to my 4 wheeler rebuild pics. LOTS of polished parts I did with the help of the fine folks at Caswell and the participants of this forum.
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