I wouldn't do anything with the cam lobes as that black surface, if it is what I think it is, is designed to hold oil better during break in. To polish the rest, ideally chuck it on a lathe and spin it while holding some fine scotchbrite against it... You could use a three jaw chuck on a gear retaining bolt, or where the gear sits, and a center on the other end.
There is also fine abrasive cloth available in rolls at parts stores and at Harbor Fright, in very fine grits 320 and above that would work well too. I wouldn't get too crazy with it, as you just want it to be clean and smooth and not reduce the diameter any. You might even get away with it as is, especially if you have any wear in your cam bores.....Measure and check clearances before you install.