I have been a custom knifemaker for years and this is the technique I was taught and it has served me well. I have changed the technique from using high speed Baldor Buffers to the common bench grinder for pick makers.
If you don't have a bench grinder SafetyOff has a great tutorial on mirror finish techniques using only a rotary tool here: viewtopic.php?t=30371&highlight=
First and foremost any buffer tool can grab the piece you are working on and spin it around at it's RPM rating and send it flying back into your body thus possibly causing you great harm. At all times respect the tools you are working with and never forget the dangers involved with working with them. You don't want to loose an eye to save some time.
If you are into making many templates at once this technique will save you alot of time.
One of the fastest ways to achieve a mirror finish on your picks is to buy a cheap grinder ( Harbor Freight, Big Lots etc...) and replace the grinding wheels with buffing wheels. Sand your pick to a 400 grit finish then use a coarse grit buffing compund on one wheel then a finer grit compound on the second wheel. After the finer grit is used clean the pick with a plain cotton buffing wheel or cotton rag. Be careful using the coarse grit compounds on higher rpms though. If you hold the metal on it to long it will develope what is called "Orange Peel" on the metal. This is where the heat and speed of the buffer make the metal pit and it looks like the surface of an orange peel. If you sand properly it only takes a few seconds on the coarse grit wheel.
Also an alternative method of achieving a perfect 400 grit finish on your picks is to use a grinder with a flat dic wheel on it. Spray the sandpaper on the disc with silicone spray and using a push rod hold the pick to the wheel for a few seconds then flip pick over and repeat.
This puts a beautifull finish in the pick and its polish is uniform. Some people even go to 600 grit after the 400 but with a buffer wheel it is not necessary.