I recently did this same project to a set of Shimano cranks using Mother's Metal Polish and a roll of paper towels. The crank had some smaller barnacles that took a lot of rubbing to remove. I haven't tried a buffing wheel attached to a drill or a bench grinder, but that might help to expedite the process --- just be careful not to remove too much metal.
Yes. It will remove the graphics/lettering and will also strip off the anodizing. Also, to keep it clean, you may want to put a sealer on it like Pedro's bike polish to help keep sweat/grease from oxidizing the aluminum and giving the mirror finish you worked so hard to get from becoming hazy.
Ride hard!
Joe
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