I begin with a complete disassembly, followed by cleaning. Then the rusty bits are soaked for a few days in rust remover while I attack the rest. That starts with either a wet-sanding with whatever grit paper is appropriate, from 320 to 800, or, if the corrosion isn't too bad, I have success with a fine painter's scuff pad (gray) used with a scuffing compound. Then a single pass with aluminum polish to give a sheen without trying to look like chrome.
Here's a look at a right-side set fresh off the project bike (left photos) and a finished example (right).
(click on an image to enlarge)
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As an alternative to painting the master cylinder, it can be left bare metal (as they were on the later VFRs) and rubbed with a metal treatment, like Corrosion X, as seen here on Project 14. Also shown is a polished brake lever.