Good job thus far, I admire your determination.
For polishing I'd highly suggest either trying your bench grinder or buying a cheapie on Craigs for that purpose. You dont need big power, 1/3 and sometimes even 1/4 hp is plenty. Its all about light touch and speed, not heavy handedness and power (the prior especially will remove parts from your hands instantly and/or burn your knuckles). If youve never done it, realistically all you need is a cloth wheel similar to the one youre using on your drill and a bit of rouge, play around and have fun with it. I'd bet most of that paint on the phenolic knobs will polish right off, if it doesnt I'd suggest either carefully using steel wool or scotchbrite + WD40 followed by the buffing wheel. As with everything else, when working with machinery (buffing) and small parts you need a bit of fixturing, ie, a long bolt to hold the knobs.
For the switch I'd highly suggest finding a good Cutler Hammer or Allen-Bradley industrial switch over a toggle or other cheapie switch any day, but Im also a big fan of "permanent" solutions vs ones that simply will work in the home shop. You dont necessarily have to buy new, CH and AB switches can often be cleaned/lubed and/or just plain used as theyre built like tanks. Regardless, the original location looks rather inconvenient to say the least.