Here's my take on these different cleaning idea's:
0000 steel wool: I use it all the time. However I do NOT rub hard. I also use it in conjunction with a cleaning or polishing agent, depending on how nasty the item in question is.
Brass brush: Same as above.
Cheap wash rags: You know those wash rags that feel like sandpaper? Walmart or K-Mart specials.
Soft shop rags: Better quality wash rags (chucked by the wife) or soft shop rags (Harbor Freight has 'em cheap).
Cotton buffing wheel and rouge.
Chamois: Best polishing thingy I've found. For final wipe downs and shining.
The whole thing comes down to just how nasty stinky dirty the item to be cleaned is. At the moment I'm cleaning up an old CB-700 kit that had lived partially outside for a while. They were covered, the shells stayed dry, but the metal work is... bad. For the rims, or should I say round rusticles, I'm using a bench grinder with a brass wheel on one side and a cotton buffing wheel on the other. Do I suggest using a brass wheel on a vintage American part? No, but if you know the item is going to be kinda poopy anyway... that will fix it. Other times I can do it with the same cotton wheel that's been charged with red or yellow rouge. The old Pearl kit I just finished cleaning up was easy. I used the rough wash rags and an ammonia and water mix. Polished them with a chamois... they look great. It all depends on the item to be cleaned. For nickel stuff I'd never use anything other than the rouge. Maybe a Windex wipe down if it's nasty.