On top of what everyone else said, pick up some 'body clay' at your local chain auto parts store and use that first on the oxidation before hitting it with a buffer. This will remove quite a bit of it before compounding, and it is a safe procedure 
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71 short/fleet ECE 4/6 drop, LQ4/700r4/3.42 gears
70 SS396 Chevelle 427/200-4R/3.73posi
61 Lincoln Continental, black on black
Son you are going to drive me to drinkin if you don't stop drivin that hot rod lincoln
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