I'd heard that you shouldn't use steel wool as it would embed in the aluminum and result in some rusting, but based on the number of cap'ns using that method here I guess I'll give it a try. I've been using one of those green pot scrubber type pads.
I've tried several of the wonder wheel polish compounds out there, including most lately the purple stuff, and I've concluded it's more about elbow grease than any magic formula.
If powder coating I've heard that you have to pull the wheel bearings to avoid damaging them from heat.