You can't put metal back, you can only take it off. Polishing will not improve the performance of an old worn cam.
I'd use a very light abrasive like rubbing compound and a piece of cloth or denim
If you are building a model engine from scratch that's
It depends on the problem.
If take it a hard chrome shop the grind the bearing and chrome oversize and grind back to size . Not cheap.
If trying to save money use a tool post grinder and just a little off as possible. Use center and a steady rest on next close bearing.
Thank youJust use some grey scotch bright by hand, or as said above just clean with solvent and reinstall as is. Mike