You can use the method shown in the photo below. It is taken directly out of the Chevrolet "Power Manual". It uses the chosen paper cut in strips and a short length of rope. This method does NOT require "spinning" the crank!
It does work but takes some practice to get the "feel". If you "play" with some "600" grit paper you won't cause any damage or remove any material.
Thanks, Gary in N.Y.
P.S. We have a "dedicated" belt-style crank polisher, uses "240", "320", "400", or "600" grit (we rarely use the 600). I will also add .0002" (2 tenths) is a "non-issue", you will find more "error" than that in new brgs.