In my experience the best way to polish rusty or pitted chrome is with wadded aluminum foil and the polish or lubricant of your choice -- chrome polish or just about any other metal polish or WD-40 all work well. Aluminum is softer than chrome. This is an old trick, and it really works. Try it. It works fantastic on bad chrome. On chrome that is in pretty good shape it works well too, but can leave fine scratches, but not too badly.
I have tried steel wool and scotchbrite pads. The finer grades don't work, and the coarser grades matte the surface. In my experience aluminum foil works way better and is way safer, faster, and easier. Try it on a small area and see.