I restored a set of satin finish wiper arms for a buddy's 66 with the following process that turned out pretty nice:
1. Cut - use 3M Scotch Brite EXL deburring wheel to remove haze, tarnish, and restore surface from areas on wipers arms that are stainless. Don't hit the pot metal part with this. I think I used an 8S FIN wheel, but may have used one grade coarser.
2. Buff - green and/or black rouge on hard cotton buff wheel. Just enough to "even out" the stainless surfaces cut in the previous step.
3. Polish - Simichrome on soft cotton buff wheel. Just enough to give the "color" you are looking for. Include the pot metal area in this step.
Of course, I didn't have an nice original set of wiper arms to compare the results from this process against, so YMMV depending on your criteria. But the Scotch Brite wheels are made for finishing stainless steel in particular and I thought this was a better alternative than painting. If you read the product literature on the 3M unitized (and also convolute) wheels, you can see what is recommended for jobs like deburring turbine blades to putting satin finish on stainless steel silverware...