Hey flmason:
I don't know the micron equivalent, but I use Brownell's Polish O Ray, comes in sticks about 1 1/2 dia Xabout 10" long. I use #'s 140, 320,500; and some 500White for a glass-like finish, on a 8" muslin wheel, I change for each grade of course.
I have never ran a sear on it,I only do it by hand as most that I've did didn't need anything but evening up a bit and slicking up. I'm sure a gunsmith could do it but I don't trust myself with something like that to a wheel.
I don't know about polishing something to a point that oil would cause it to have a sticky feel, it may depend on the type oil, maybe? I know two polished surfaces, when rubbed together are smooth but oil makes them slick.
JMO
HM