[BigLew]

Steel wool is generally a big no-no on boats. The issue with it is that the pieces of steel wool that separate from the pad rust when they come in contact with water and will stain gelcoat, teak, etc. The solution/alternative is to use bronze wool instead.

With regard to final grade of sanding/buffing there are a lot of opinions and experience on the subject. Others here will surely chime in, but take it as far as you want to go. Just remember to let the varnish cure up before expecting to great results. My personal preference is to wet sand with about 800-1200 grit. For me, it makes the point of some shine without going overboard.