I had some paint speckles on a FT I recently restored. Clearly someone was painting something in the same room as the drums and well... you know.
Anyhow, I removed as many of the speckles as I could with the ol' fingernail gently scraping the spots routine. Whatever didn't want to come off that way, I removed with some Mothers Glaze & Sealer. I know the sealer part sounds scary, but it's just wax. A couple of times going over the thicker spots with the stuff removed the paint while polishing up the wrap.
Finished off the entire shell with the stuff and it's now shiny as all get-out.
You could also try a VERY FINE rubbing compound, but go VERY EASY till you see the results and try a spot near the top of the drum (where the head and hoop will hide any screwups). You'd then want to hit the spot with the above glaze & sealer to remove any scratches or dull areas. Don't do too deep into the wrap or you'll ruin it.
I've not had to go this route, but it might work.