For me I polish graphite to 3k grit and oil to 12k grit. I also spray graphite axles with sailkote (most use pledge) and oil axles get max pro or jig (jig is the faster). Make sure you polish and wax wheel bores for either lube.
I use John's black ice wheel prep kit which includes red rocket as the wheel wax. From my understanding a wheel wax or some type of sealer an absolute must.