Mine;
1. Oxyclean soak - generally refresh the solution at least three times, i go overboard on this step to assure greatest efficacy. When I notice the "reaction" slowing down I refresh the solution until a brand new solution no longer produces the reaction.
2. Magic Eraser - I use the knock-off brands instead of the Mr. Clean brand. Much cheaper and made from the exact same material (melamine foam). This is an incredible tool for removing oxidation without removing stock from the stem, which is what happens when folks sand off the oxidation or use brown and/or white jewelers rouge. I usually will wear one of these out on a stem and most times get into another pad. I consider this to be, probably, the most vital step if I want to achieve that mirror, almost wet looking jet black finish at the end of the process. Any left over oxidation will contribute to a dull looking finish so I try to get all (if not most) of it off at this stage. This saves a lot of headaches on the next step.
3. Micro-Mesh - Usage of the 1500 to 3200 micro-mesh pads are very targeted, I don't use these grits on the entire stem. Typically there will be some roughness up around the button that needs to smoothed due to tooth chatter, heavier oxidation due to saliva which leaves small pits, etc. This doesn't usually exist on the the rest of the stem so I only use those grits to bring the button area to the same general finish as the rest of the stem material. The crevice between the button and the stem is hard to get at so I use the padded micro-mesh files in this area and the padded 2x2s on the rest of the stem. I typically, at this point, can skip the 3600 grit and go directly to the 4000 grade pad. The 4000 (4500 grit comparable) has very little cutting action and it's where you really get away from the sanding action and solidly into polishing and smoothing out the existing scratches. I then progress through the rest of the MM grits finishing with the 12000. If done properly the stem already looks really good at this stage.
4. Stem oil - I use 100% non-toasted sesame oil. It has a known UV radiation blockage rate of 30% and is the highest rate, that can be substantiated, that I have been able to find. There may be better oils with higher blockage rates but this is the best I've been able to find so I use it. Olive oil isn't a bad choice either as it has a known blockage rating of 20%. I apply in a very thin layer and then allow the stem to sit for a few minutes while the oil seeps into the micro-pores of the material. Then I wipe any excess off the stem. I'm pretty meticulous on this step as I don't want any tackiness from the oil getting trapped under the wax so I wipe the stem A LOT, pretty much to the point of hand buffing it to get the excess off.
5. Wax - I use Renaissance wax on my stems. I will usually apply 5 or 6 layers with curing time and hand buffing between each layer. I end up with jet black, mirror finish stems that are very smooth all the way to the button.
Well, that's how Mr. SUPER ANAL does his. I'm far from an estate resto pro but hope this was helpful.