My tool cost $5 from the local blacksmith, cold rolled steel with a handle welded in the middle. I use valve grinding compound, works great, another $4 for more than you'll ever use. Use a figure eight pattern on the rings, it cleaned mine up great, especially my three-ring set on my Encore .454, and it tracks great and holds zero now, unlike before, even though it's a Leupold it didn't like the misaligned rings.
Selmer