In theory all metal polishes will work, but they don't contain any wax to prevent further oxidisation. The General Post Office phones in the UK only trusted the paste No 5 on phones, as anything more abrasive may remove the top surface of Bakelite.
Bakelite is strange stuff, it is a resin, not a plastic, and contains fillers, wood, ash, or organic waste, or ground soft stone etc., and if the top surface wears away it can reveal filler on the surface. The filler is spread evenly within Bakelite, but the surface that touches the hot mould when the object was formed, tends to have less filler in it and develops the glazed top surface.
If the Bakelite loses the glaze, and appears rough, it may respond to polishing, but often remains matt, and has to be rescued by varnishing or french polish,(shellac).
Top quality Bakelite has very fine fillers and responds to polish. Cheaper copies had loads of fillers and once worn it shows badly as matt or rough surfaces.
It actually needs an agressive abrasive like chrome metal cleaner to polish the surface, note, not a course cleaner, and some like Brasso are too mild inaction.
No metal cleaner is unsafe on Bakelite as such, Bakelite is extremely solvent and cleaner proof. But the best stuff is the Paste No5, which was developed by Bakelite Corporation in conjuntion with the General Post Office Telephone research laboratory at Dollis Hill in London.
Even with No5 paste it will require a lot of work to get the polish back, and a Dremel motor tool with a buffing wheel may be the quickest and best method.
Be careful with cameras, they may have chome near the Bakelite and you do not want to polish matt chrome! Mask areas that need protection with paint masking tape.
Also some makers tended to add decoration in raised letters etc, that will wear if buffed to much, so go carefully with hand polishing first.
All Bakelite is real Bakelite, it was closely licensed as it was patented carefully, most camera brands used licensed Bakelite. The Soviets, as usual, went their own way, and most ex communist cameras with Bakelite are polishable in the same way. However it is more brittle, so take care not to chip the corners etc.
Kodak Bakelite is top quality and polishes. Some other makes like Ansco, used rival "bakelite types", and may be softer, and Brasso may work better with these plastics.
If Lucite, British Perspex, is the plastic, then use Brasso or a good quality chrome cleaner paste.
Stephen.