You're not going to get the same kind of effect on wood with Tripoli and hand buffing that a buffer will give. However, I use Tripoli on a rag to polish chains all of the time. So, on polishing the stems and the stummels to some degree, it will give good results.
On using micromesh pads, they are great, but Tripoli gives a couple of steps finer abrasive action, meaning that the pads work fantastically, but even a little Tripoli on a rag will take it just a tad further to polish.
I just dab the rag in a little alcohol and the rub it on the Tripoli stick.
You can also get great results with a
polishing cloth, which uses a very very fine imbedded abrasive along with a slight acid to give a quick and lustrous polish. I keep one by my pipe rack, and I wipe the stummel and give the stem a couple of good swipes before resting a smoked pipe. It works well in place of the rag and Tripoli in a pinch.
I cannot verify whether it is finer in abrasive than Tripoli or not though. But, it is definitely less messy. And, I have never had oxides on my stems nor my sterling or gold bands. Just don't let your wife steal it to polish the silverware, because once she realizes how fast it works, it's gone, ha ha!!