Couple of risk-reduction ideas:
If you're using a bench-top machine, you could probably get a lot of the initial work done using a bristle mop (such as
this one currently on eBay. A bristle wheel is less likely to catch but they do fling an odd high-speed bristle out at you occasionally! Even used dry, they'll do a particularly good job of cleaning up the threaded portion, I also use them on knurled work. If you do use them with buffing compound, you need to be careful when you load the wheel as a bristle brush can eat into your compound bar at an alarming rate (and spray most of it everywhere!).
Whatever wheel you're using, the highest risk will, I suspect, be when you're polishing the hooked end. You won't want to grab the thread with a pair of mole grips - but that would fit beautifully into some form of handle - just pop a suitable threaded hole deep enough into a length of scrap bar to make a handle to hold them by?
You could then reverse the 'mass/power balance' by using a handheld machine (Dremel, die grinder etc.) with any of the vast range of small polishing felts, mops, wheels etc. out there.
Dave