I'm going to polish the lip on some OEM rims.
How can I go about this? What do I need?

 

yea id like to know to. in fact... i think i wanna polish my all four rims.

 

strip the finish, wet sand it down with fine grit sandpaper such as 800, 900, 1000, and up to 1200 for a fine finish. finish it up with some polish and some elbow grease.

 

After wet sanding all the scratches out... down to about 1200 grit... use a flannel tripple-stitched wheel with a power drill, use WHITE ROUGE compound, and it will be blingin' in no time. Just be warned, if the wheels are coated, the flannel wheel can remove the coating, so you may want to do something to mask the inside edge of the wheel to prevent creating a nappy edge.

You'd have to be a little insane to polish the whole wheel. You could do it, but it would take you like a month a wheel, and the finish wouldn't hold up unless it's clear coated afterwards.