Pretty much the same way I approach b/c, except a) ss is generally softer (white excepted, it's hard as a rock), b) I have more pads/MFs on hand as they can load up quick, and c) I'll more often use glazes, especially on older paints.
Don't freak out about all the paint transfer onto the pads, but don't keep polishing forever either. If it's original paint you don't want to thin it too much, and if it's a single stage repaint it might be a cheapie job that could turn out to be fragile/thin. And (again, unless it's white) don't forget it's soft; you don't want to cut through by treating it like a hard b/c.
Not much that standard products like 3m PI-III RC and MG (05933 and 05937) or the equivalent from other sources can't handle unless you're dealing with something really nasty. If it's *badly* oxidized* I'd either pretreat with something like #7 first (apply very heavy, leave overnight, *then* buff off excess and evaluate paint) or use a chemical cleaner that'll remove the oxidized paint. Once the oxidized paint is off, you can better evaluate and deal with marring/etc. In these cases I wouldn't clay until you've done such stuff, the clay will just load up with oxidized paint. But those extreme cases are sorta rare, at least in my experience.