Dremel tools (or their equivalents) are OK but their rpm's are way way too high for a decent polish using Carnauba wax. Typically, even an adjustable speed dremel on it's lowest speed setting spins at about 15,000 rpm which is about 10x too fast to leave a deep shine on a pipe.
I recently replaced my adjustable speed hand drill but here are the costs involved to me.
1 x adjustable speed electric hand drill - $25
4 x 100mm Cotton loose leaf buffer wheels (for use in drill chucks) - $19
1 x 500g Green Tripoli - $8
1 x 500g White Diamond - $8
2 x 250 Carnauba Wax sticks - $4
Total = $64
Or you can buy a small tub of Halcyon II Wax for $5 and at a push you can also use Brown or Neutral Boot Polish (Kiwi is the best brand if you can get it in the States).
Failing all else, use an old cotton T-Shirt and tear into strips. Secure your pipe using what is to hand, and strop, the pipe using the cotton strips.