I was having a really bad round one day and put a light "pop up" mark on my driver. Some Megs Scratch-X took it right out.
Once a year or so I scrub all my clubs after soaking them in hot water and car wash soap. I just want to get all the crud out of the grooves.
I did once polish a set of irons with a bench grinder/polisher and some rouge. However, these clubs had a polished finish. My current irons have a matte finish. So, I wouldn't do the same thing.
You could certainly polish your woods with a PC or by hand with some car polishes. However, my fear would be that there would be a glare off the top of the club head which could be distracting.